Ethereum had a market cap of 27 2 billion with the token valued at 243. The trend seemed a little positive at the time of writing but the valuation hasn t drifted away from recent heights. The last significant rally was witnessed during the end of may and since then similar to bitcoin the largest altcoin is on a performance rut.
That being said if eth s price continues to trade within the 217 to 253 zone with enough volume it could ride the coattails of a bitcoin move and return to its upward channel. But in times of low volatility healthy volume matters ethereum s daily volume is 40 percent that of bitcoin s. Ethereum saw lower highs mounted in its long term daily chart peaking every few months trading sideways and then falling back down.
While much credit can be given to both ethereum s momentum and bitcoin s timely push the larger and longer trend for the latter pointed to a drop initially. Btc usd gains short term momentum eying up 12 000 again bitcoin is currently trading at 11 405 and has confirmed an hourly uptrend trying to climb back above 12 000. It s driven by the rise of yield farming in which defi.
And transaction volume across ethereum based defi dapps has increased by nearly 800 since april. Recent data have shown that total defi users have grown by 23 since the start of june while over 2 billion worth of ethereum and bitcoin is now locked up in defi. In recent weeks we ve seen a boom in decentralized finance defi.
It is also above the long term channel which now works as a support and insurance adding strength to the bitcoin. Btc usd has managed to rebound above the long term bearish channel this week. Currently as bitcoin ethereum network is based solely on the pow consensus protocol to support the system and to verify transactions.
Casper is a long term scaling solution that uses a hybrid proof of work pow and proof of stake pos protocol in the ethereum network. So it is fair to say for ethereum there is a little more to lose. The largest altcoin is currently trading at a range last witnessed during mid 2018.
However the narrative was completely different for ethereum.
Bitcoin or ethereum long term. Ethereum has established itself as the second best known cryptocurrency. While its market cap is currently still well below that of bitcoin it does have several inherent advantages. These combine to mean that those who choose to buy ethereum over bitcoin could be the ones making the better long term decision. Ethereum is currently undervalued and is poised to increase in the long term potentially reaching market cap parity with bitcoin some analysts claim.
Ethereum might be bullish in the long term. As ethereum is getting closer to its 5 th anniversary some market onlookers are waiting for its revival especially amid the context of the awakening altcoin season. For bitcoin its current price position is not typically on unfamiliar grounds.
For bitcoin its current price position is not typically on unfamiliar grounds. As ethereum is getting closer to its 5 th anniversary some market onlookers are waiting for its revival especially amid the context of the awakening altcoin season. Ethereum might be bullish in the long term.
Ethereum is currently undervalued and is poised to increase in the long term potentially reaching market cap parity with bitcoin some analysts claim. These combine to mean that those who choose to buy ethereum over bitcoin could be the ones making the better long term decision. While its market cap is currently still well below that of bitcoin it does have several inherent advantages.
Ethereum has established itself as the second best known cryptocurrency.
