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Complete dominance scenario: the case of Ethereum (ETH)
- This High volatility The price of crypto has been at the forefront of crypto trends this year, which makes investors skeptical of the market.
- approximately 230% So far this year, this year’s performance is better than other major tokens.
- Ethereum has been bullish this year, rising to a new level due to its practicality and new institutional push.
- During the collapse of cryptocurrency prices, ETH seems to have found a bullish form again.
Due to its volatility, there have been many major surprises in cryptocurrencies this year. 2021 witnessed the widespread adoption of cryptocurrencies by more private and government agencies.
Ethereum vs: 2021 edition
In terms of market value, the leading altcoin Ethereum has been following Bitcoin, and the token has not slowed down. As more and more investors are optimistic about Ethereum this year, its market value reaches 500 billion U.S. dollars, making it the second cryptocurrency to achieve this goal.
Although Bitcoin is the largest cryptocurrency by market capitalization, reaching over $64,000 earlier this year, Ethereum has the fastest growth, increasing by more than 230% to reach $2,200, while Bitcoin’s growth is less than 38%.
ETH’s new bullish trend
After cracking down on cryptocurrency mining and other related activities, the price of cryptocurrencies has plummeted, Ethereum has achieved 230% growth this year. The plunge in market prices caused ETH to plummet from a record high of more than $4,000 to below $2,000.
This week the bulls successfully held the resistance level of $1,700, and their target is a higher resistance level of $2,000, marking the birth of a new price rebound.
The bulls are able to push the price above $1,800 and $1,850. Yesterday, the price soared more than $2,000 due to the transaction price of US$2,220 at the time of writing.
The current bullish trend may cause the price to rise further to $2,500, thereby further recovering its lost value.
ETH dominates
Ethereum will dominate the market and experience a major price increase in the coming months. The value of $4,000 proves the utility of the native token of the Ethereum blockchain in the market.
There are more than 3,000 decentralized applications on the Ethereum blockchain. There is no doubt about the usefulness of Ethereum because it leads the success story of small cryptocurrencies.
JP Morgan Chase and Morgan Stanley (NYSE:) praised the altcoin giant, stating that part of the reason for the success of Ethereum is the recent institutional adoption and its underlying blockchain.
ETH 2.0 is a network upgrade that will improve its scalability and reduce gas fees. The transaction speed on the blockchain will increase to more than 10,000 transactions per second.
The Ethereum blockchain has been plagued by scalability issues, and ETH 2.0 will solve this problem. This development is further expected to increase the price of ETH in the market.
on the other hand
- Since hitting $4,300 this year, Ethereum has depreciated by nearly 50%.
- Bitcoin has wider institutional and national acceptance than Ethereum.
price comparison
ETH has a strong start to the year at $737 and is trading at $2,220 at the time of writing. Ranked second on CoinMarketCap, Ethereum has 17.54% of the market share, while Bitcoin is still the largest cryptocurrency with a market dominance of 46% and a market value of more than 600 billion U.S. dollars.
Some speculation suggests that if ETH continues to outperform BTC as it did so far this year, it will challenge Bitcoin’s #1 position.
At this time last year, the transaction price of Bitcoin was $9,140, while the transaction price of ETH was only $225. Looking back over the years, Bitcoin has always had the advantage, but ETH has been in a bullish trend and looks more likely to be close to Bitcoin.
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