Cryptocurrency Analysis

[IFX_Selena]

Ethereum is outperforming Bitcoin


Bitcoin's new rival, Ethereum (Ether), has set a new record, trading above $ 3,000. This suggests that the dominance of Bitcoin may be ending, and that there is a good chance that other cryptocurrencies will soon take over.



According to CoinGecko, Bitcoin currently accounts for about 46% of the total market value of cryptocurrencies. But Ethereum has been gaining momentum, in which over the past week it grew twice as much as Bitcoin.



Still, Bitcoin remains the largest cryptocurrency. But the sharp growth of other tokens is of increasing interest. Ether, for example, has already jumped above $ 3,000, and it seems that it has every intention of climbing higher.

Cryptocurrency proponents say investors are getting more comfortable with different tokens, while critics argue that the sector is just gripped by incentive-fueled mania.

Edward Moya of Oanda Corp. said, "Ethereum is turning up and it looks like nothing will stop it." He added that other tokens are also showing "renewed interest."

The current distribution of market shares also reflects the unprecedented dip in Bitcoin last April. To date, the cryptocurrency has yet to recover all the positions it lost after falling from $ 64,870.

Last month's listing of Coinbase Global is a sign of how much investors are embracing the crypto sector, despite risks from high volatility and increasing regulatory scrutiny.

And now, Ether is in the spotlight, and the upgrade of its blockchain, as well as its increasing popularity, are some of the drivers of its sharp rally. Rich Ross of Evercore ISI even projects its price to hit $ 3,900 in the coming months.

Other cryptocurrencies, often referred to as "altcoins", also showed impressive growth. According to CoinGecko, Binance coin has risen by 3490% over the past 12 months, while Dogecoin has grown by 15,000% and has a market cap of nearly $ 50 billion.





Andrey Shevchenko
Analytical expert
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