• 6
  • 7
  • Favorite

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.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Report

Comment7

  • Ola5528
    ·2021-04-01
    Alt season! Looking forward to ETH and other alts to outpace BTC for the time being 
    Reply
    Report
  • LWLM
    ·2021-04-01
    Eth ftw
    Reply
    Report
  • egtan
    ·2021-04-01
    Go go eth
    Reply
    Report
  • givemestonks
    ·2021-04-01
    Alternative is good
    Reply
    Report
  • Rookie22
    ·2021-04-01
    Buy more BTC
    Reply
    Report
    Fold Replies
    • Rookie22
      Yes BTC 100k usd by year end
      2021-04-01
      Reply
      Report
    • 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
      2021-04-01
      Reply
      Report
  • Leo_T
    ·2021-04-01
    Comments
    Reply
    Report
    Fold Replies
    • Dirui
      Yes
      2021-04-01
      Reply
      Report
  • Jellywonka
    ·2021-04-01
    Nice 
    Reply
    Report
    Fold Replies
    • givemestonks
      Nice like mY comment
      2021-04-01
      Reply
      Report
 
 
 
 

Most Discussed

 
 
 
 
 

7x24

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

Company: TTMF Limited. Tech supported by Xiangshang Yixin.

Email:uservice@ttm.financial