The most valuable cryptocurrency Bitcoin has seen a mass price increase breaking three ATH in the last one month, amidst recording a mass price increase of more than 300% in the last six months. While the leading cryptocurrency’s success has been very commendable, Ethereum, the second-largest cryptocurrency by market cap and the leading altcoin, has recorded undaunted success too in the same period as Bitcoin.
The attention Bitcoin is getting is taking the eyes of many investors off the success recorded by Ethereum. They have even gained more than the leading cryptocurrency when compared to each other, according to analysts.
Ethereum gearing up in the Bitcoin chase
The success recorded by Bitcoin continues to place the largest cryptocurrency by market cap at the peak of all the hype the Blockchain space is getting. Ethereum, on the other hand, is chasing the 11years old cryptocurrency with all its might, something it has consistently done in the last 3years. Ethereum, known for its smart contracts that have allowed many blockchain developers across the world to establish new decentralized apps, have also been as innovative as the Bitcoin network.
The recent success of the Ethereum has also been credited to the launch of the first phase of its proposed eth2 network in December 2020- a network poised to increase speed and scalability across the network. The launch of the network has led fuelled a lot of institutional investment and adoption of the cryptocurrency, which has now seen the cryptocurrency hit the $1,000 mark again for the second time in its history.
The current trading price of Ethereum now means that the cryptocurrency, which traded less than $600 last December, has gained more when compared to Bitcoin, despite Bitcoin still trading at a higher price. Analysts, however, argue that Bitcoin might be leading the pack in the cryptocurrency market; the success of Ethereum should not be understated and should be duly appreciated.
Altcoins must start to chase Ethereum
Many altcoins, including Ethereum, are looking to emulate Bitcoin, which has grown by at least six times in the last year. From a starting price of about $7,000 in January, the cryptocurrency is trading at a whopping $42,000. This is worthy of emulation, and the altcoins will be targetting this level of success.
However, what is most important for them is to leave the shadows of Ethereum, which many altcoins have been in the last 3years at least. Ethereum, which continues to remain the most valuable altcoin, and the largest altcoins by market cap, have grown by at least ten times in the last one year, from about $120 to slightly more than $1000 in today’s price.
Altcoins now have a duty to chase their leader – Ethereum, poised to have another stellar year. The price crash of XRP has not helped their cause, but the success of Litecoin trading about $150 amidst price tripling in the last 90days is something to smile about. Bitcoin cash is also making waves after the altcoin hit the $400 mark. Altcoins are still expected to do better despite it looking like the race is between Bitcoin and Ethereum.