Why Is Ethereum Surging, Outperforming Bitcoin Today?

Benzinga2021-04-01

Gains inBitcoin(BTC) appear faint in comparison withEthereum(ETH) as the latter’s supply diminishes.

What Happened:BTC traded 0.13% at $59,285.22 over 24 hours at press time while ETH was up 4.08% at $1,925.03.

Over a seven-day trailing period, ETH has surged 21.92%, while BTC has moved up 12.77%.

CryptoQuant data indicates ETH reserves held in all wallets fell to 19.53 million as of March 31 as prices soared over $1,921.

ETH Held In All Exchange Wallets — Data From CryptoQuant.com

On Wednesday, OpenSea, a non-fungible token marketplace said it would add support for trading through Immutable X, a decentralized protocol built on Ethereum, which it said would enable zero gas fee.

Why It Matters:BTC has beenlosing its dominanceas the largest cryptocurrency by market capitalization of late. This week the dominance fell to its lowest since October last year.

At press time, BTC had a 56.6% dominance, while ETH had 11.7%, according to CoinMarketCap data.

On Monday,Visa Inc(NYSE:V) announced a pilot to allowtransactions to be settledthroughUSD Coin(USDC) on its network.

Reacting to the development, analyst Michaël van de Poppe said onTwitterthat Ethereum was “going to surprise everyone massively."

He had previously predicted a $10,000 price level for ETH.

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Comments

  • Ola5528
    2021-04-01
    Ola5528
    Alt season! Looking forward to ETH and other alts to outpace BTC for the time being 
  • LWLM
    2021-04-01
    LWLM
    Eth ftw
  • egtan
    2021-04-01
    egtan
    Go go eth
  • givemestonks
    2021-04-01
    givemestonks
    Alternative is good
  • Rookie22
    2021-04-01
    Rookie22
    Buy more BTC
    • Rookie22: 
      Yes BTC 100k usd by year end
    • Ola5528: 
      BTC is still the king, but im looking forward to a future where crypto is more than just BTC - that would be very bullish for crypto as an asset class to hold for long term
  • Leo_T
    2021-04-01
    Leo_T
    Comments
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