Bitcoin Slumps While Ethereum Soars: What’s Driving the Price Trends?

August saw Bitcoin experiencing significant losses, dropping 7% compared to the gains seen in Ethereum, which soared 17%. The contrasting performance has significantly impacted Bitcoin’s market dominance, declining over 5% during the month. While some traders anticipate a short-term bounce for Bitcoin in September, fueled by volatile markets and reduced demand for new crypto stocks, this might not be enough to reverse current trends. 2023’s crypto market is seeing more institutional investments than ever before, with Ethereum experiencing this surge in growth.