After huge selling of Bitcoin in the trade market last week, Bitcoin took a dive below $30,000. In the meantime, Ethereum has reached it’s new highest setting a record for itself. It seems, that the second largest cryptocurrency is leading crypto market prices instead of the crypto leader.
Since the last day, Bitcoin’s prices have surged more than 7.3 percent in the trading market, as per stats from CoinDesk. Bitcoin was being traded for around $34,806 per asset. The recent declines in the value of Bitcoin removed more than $100 billion from the trade market. Bitcoin’s market cap at its current value is more than $630 billion.
Ethereum blockchain has been on a bull run in the last week. And on Monday it surged over 6.1% reaching to a price of approximately $1,415 per coin. During the bullish market, Ether did go as high as $1,476 apiece before coming back down to its current price.
Surges or declines in the value of other cryptocurrencies known as alternative cryptocurrencies have always been attributed to Bitcoin. However, the current surge in the value of Ether is because of increased usage of the Ethereum network. Another attributing factor is its network going through major upgrades opening doors to new crypto usages like DeFi. All of these elements have increased the interest of institutional investors in Ethereum as an attractive product.
Simon Peters, an analyst at eToro came to the rescue of crypto after the surges of Ether. He said that these surges would drown the speculations which were denouncing cryptocurrencies after the Bitcoin losing the $40k mark.
Peters stated that with the network upgrade Ethereum has opened up doors to more platforms. He added with increasing interest in Ether of institutional investors and cash inflow, the future for Ethereum is very bright. He said that he believed by the end of the year he sees Ether reaching the price of $2,500 per coin. He concluded although the path will be a little bumpy for other cryptocurrencies.
Bitcoin the world’s biggest cryptocurrency had a bullish start of the year. Its value increased four-folds since March 2020. The first two weeks of 2021 saw around 34% increase in its value which is now dropped by 17%.