As one of the most hyped technologies this past decade, cryptocurrencies have been recognized as the gateway to unlocking revolutionary change in business operations. By the year 2030, Gartner estimates blockchain will have generated $3.1 trillion. Reflecting on some recent events in the crypto industry, Ethereum has reached $2.6K, which is an all-time high for the currency. However, Bitcoin’s soaring numbers experienced a fall and its market cap dominance is just under 50%, the lowest value it has reached in almost three years.
Ethereum (ETH), noted as the largest altcoin by market capitalization, saw all-time highs on April 22. Claiming a new record, ETH reached 0.047, less than a year later since its last record high number in August 2018. On the latter side of the crypto industry, Bitcoin continued to drop but it was not the only cryptocurrency to experience a downfall. Other altcoins also went bearish after being knocked down in the market.
Future Opportunities for Alternative Cryptocurrencies
An analyst also unraveled the growing opportunities that ETH offers in comparison to Bitcoin. In recent times, there has been an ongoing trend of ETH/USD outperforming by a considerable amount ever since the price crash occurred in March 2020. While assessing the overall strength of altcoins earlier this month, it was becoming quite transparent that Bitcoin no longer harped as the dominant crypto on the market and the currency had started to diminish its value.
However, Cointelegraph has also chimed in and reported that such events with altcoins often begin with a rapid surge, leading to a peak and then reach a cooling-off period. For those unaware of previous phases of a bull market, a notable factor is a rise in gas fees. As ETH reaches new highs on the crypto charts, a timely reminder can be found in other market areas.
Reflecting on other altcoins and their currency strength, Litecoin (LTC) and Chainlink’s LINK were up roughly 6.5% in peak hours of the day.
Learn more about Bitcoin’s recent activity here.
Featured image: DepositPhotos © gsdonlin
Risks and Disclosure:
Information provided in this correspondence is intended solely for informational purposes and is obtained from sources believed to be reliable. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained on this website is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions made or suggested and the actual results.
All statements and opinions expressed are the opinions of the author and not of Cryptocurrencynews.com or its officers. The author is wholly responsible for the validity of all statements. Cryptocurrencynews.com was not involved in any aspect of the article preparation. The author was not paid by Market Jar Media Inc for this article. The author did not pay Cryptocurrencynews.com to publish or syndicate this article.
This article does not constitute as investment advice. Each reader is encouraged to consult with his or her individual financial advisor; any and all actions taken by a reader as a result of the information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Cryptocurrencynews.com’s terms of use and full legal disclaimer. This article is in no way a solicitation for investment. Cryptocurrencynews.com does not render general or specific investment advice. Any information on Cryptocurrencynews.com should not be considered a recommendation to buy or sell any security. Cryptocurrencynews.com does not endorse or recommend the business, products, services or securities of any company mentioned on Cryptocurrencynews.com.
Futures, stocks and options trading involves substantial risk of loss and is not suitable for every investor. The valuation of futures, stocks, and options may fluctuate, and, as a result, clients may lose more than their original investment and possibly their entire investment. Any content on this website should not be relied upon as advice or construed as providing recommendations of any kind. It is your responsibility to confirm and decide which trades to make. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
Please see our full disclaimer here for additional details before making any investment decisions.
