Power Struggle Between Bitcoin and Ethereum Continues
The world of cryptocurrency is often full of surprises. Just a few days ago, people were wondering how long it would take until Ether would surpass the US$250 value. That has happened in spectacular fashion, and the currency even hit the US$420 mark at one point. The Bitcoin price, on the other hand, has taken a bit of a beating but seems to be recovering slowly. Big things are afoot in the cryptocurrency world.
BITCOIN AND ETHEREUM JOCKEY FOR POSITION
It is evident a lot of Ethereum enthusiasts would like to see Bitcoin become the second-largest cryptocurrency by market cap. Although that sounds quite appealing, it remains to be seen if and when this will happen. The recent Ether price surge is definitely hinting at what the future may hold, especially now that the Bitcoin price is showing cracks in the facade as well.
To put this into perspective, the Ethereum market cap sits at US$35.6bn as of right now, with ETH valued at US$385. That is a massive price increase compared to yesterday, and a continuation of the recent Ethereum price trend we have seen over the past few days. It is quite remarkable how much the Ethereum market cap has grown over the past few days. It is even showing signs of a potential bubble, but it remains unclear if and when that bubble may burst.
It is also important to keep an eye on what is happening to Bitcoin right now. To be more specific, the Bitcoin price started dropping sharply all of a sudden. Although volatile price swings are not all that uncommon in cryptocurrency, it is still quite shocking to see Bitcoin’s value drop by over US$200 in quick succession. Interestingly enough, it does appear the price is starting to show signs of recovery, which is quite an intriguing development.
Despite this sharp and brief Bitcoin price dip, the market cap still sits at US$45.5bn. Many people are surprised Bitcoin is still at such a high price despite the value dropping US$200. This is mainly due to the price recovering pretty quickly right now, although further volatility for both Bitcoin and Ethereum may loom ahead. Investors and speculators are putting a lot of money in cryptocurrency right now, but there are always people looking to take profits at the same time.
The bigger question on most people’s minds is which market cap will be the largest by the end of this week. At this rate, it appears to be a matter of time until Ethereum takes over from Bitcoin. Then again, one should never discount Bitcoin when it comes to growth either. The coming days will be quite interesting to keep an eye on, and anything might happen.
Make sure not to trade based on emotions right now, though, as markets can turn in any given direction on a whim’s notice. Never chase a currency appreciatimg in value either, as no one knows where the top or bottom is for either Bitcoin and Ethereum right now.
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