Once again, it seems that the news has worked hard to ensure that Bitcoin is in all of its crypto-related headlines while turning its back on any smaller, competing altcoins that seem to be doing better at press time.
Bitcoin outshines many stronger coins
No doubt Bitcoin seems to be getting back on track lately. After a sharp decline, with the currency shedding around $ 10,000 from its early January high of $ 42,000, the currency is back on the way after rising to just over $ 37,000 at the time of writing to reach the area of $ 40,000.
The currency’s boom comes after Elon Musk – the South African entrepreneur behind Tesla and SpaceX – recently commented in an interview that Bitcoin was a “good thing” and was on the verge of widespread adoption. He also changed his Twitter bio to “#bitcoin,” which further increased the world’s largest digital asset by market cap.
But in the midst of it all, the mainstream media seems to have forgotten about the world’s smaller cryptocurrencies, many of which are currently faring far better than Bitcoin.
Ethereum, for example, is the world’s second largest cryptocurrency by market capitalization and Bitcoin’s biggest competitor. The currency has seen a strong surge lately, increasing its price a full 20 percent in the last week alone. It has since passed the $ 1,500 mark and hit a new all-time high for itself.
ETH has increased by 700 percent in the past 12 months. That’s roughly 400 percent more than what Bitcoin did in the same period, and ETH is likely to be partly to blame when it comes to the cryptocurrency world’s sudden leap past the $ 700 billion valuation (it was just down last week at around $ 600 billion).
Ethereum is doing so well lately that Grayscale – an institutional investment group that enables professional gamers to do crypto trades – agreed to reopen its Ethereum Trust to potential investors after a decision was made to close it last December conclude.
Is Ethereum the future?
Simon Peters – an analyst at brokerage firm e-Toro – claimed in a recent interview:
Given that the institutes are expected to continue building their positions, we expect the price of Ethereum to rise from here. Of course, nothing is going straight and there will be more volatility, but this demand-driven surge appears to be more than sustainable.
Meanwhile, other assets like Cardano are also up around 30 percent since last week, while Litecoin is trading around 15 percent higher. Dogecoin also saw a several hundred percent surge last week after reddit received increased attention, while XRP – Ripple’s official cryptocurrency – also jumped more than 50 percent despite the ongoing lawsuit with the SEC.