- Altcoins See Outstanding Price Rally Leaving Bitcoin (BTC) Behind
- Ethereum (ETH) Is Leading the Altcoin Rally
- Ethereum Network Has Been Experiencing Strong Fundamentals
Ethereum News Today – The price of Ethereum (ETH) is currently surging significantly higher against Bitcoin (BTC). This massive recovery is pioneered by the strong fundamentals of the network. The entire altcoin market is also seeing some relief after trading sideways for some months. At the time of writing, all the top 20 altcoins in the market are in the green, leaving Bitcoin (BTC) behind.
Altcoins See Outstanding Price Rally Leaving Bitcoin (BTC) Behind
Over the past few months, Bitcoin has been recording massive gains without carrying the altcoin market along. The reverse seems to be the case at the moment. The altcoin market is finally getting some relief. At the beginning of this year, the dominance of Bitcoin (BTC) was 57 percent. However, the dominance of Bitcoin hit an all-time high of 73.5 percent on September 6 – the highest level it has tested since it emerged.
Ethereum (ETH) Price Today – ETH / USD
Altcoins have been on a continuous downward plunge over the past few months. Data shows that they have lost 62 percent of their value against Bitcoin (BTC). The majority of these coins have been losing investments, which are being channeled to Bitcoin (BTC).
Ethereum (ETH) Is Leading the Altcoin Rally
Ethereum (ETH) – the largest altcoin by market cap – is leading the recovery of the altcoin market cap. Over the past 48 hours, the price of Ethereum has surged enormously. ETH to USD price is up by more than 9 percent, as it went from $193 to $212. The market cap of Ethereum has increased by $2 billion, bringing its total market cap to $23 billion, and the altcoin market to $78.9 billion from $75 billion in two days.
Ethereum (ETH) hit a multi-year low before the recent recovery. The value of ETH was just at 1.88 million Satoshis. Now, one ETH goes for over 2.07 million Satoshis. The trading volume of the digital currency has also surged enormously over the past day. Over the past seven days, the trading volume of Ethereum has increased by more than 56 percent. According to data from CoinMarketCap, the trading volume of ETH over the past day is $10.3 billion.
Ethereum Network Has Been Experiencing Strong Fundamentals
The Ethereum network has seen a considerable level of growth since its previous rally. There is strong demand for the digital currency has the daily transaction fees of ETH just overtook that of Bitcoin. The daily gas usage is another promising indicator for Ethereum. The metric is at an all-time high; this suggests that the amount of computation carried out on the network is increasing. Ethereum has a lot of bullish sentiments around it that are greatly contributing to its massive recovery. If ETH to USD continues in this trend, it is likely to test a new year-to-date high in the short-term.