Ethereum, the second-largest cryptocurrency and largest altcoin by market capitalization, has surged to a new all-time high, in line with recent speculations.
Many analysts and professional traders predicted this occurrence as the activities that revolved around Ethereum lately pointed to this. The recent discussions about improvements on Ethereum’s network also contributed to the cycle that pushed Ethereum to its current value.
The crypto market’s value surged lately, and Bitcoin had the highest percentage contribution to market capitalization. However, with this new high, Ethereum is exerting more dominance on the market value than it did before.
Is Ethereum Outperforming Bitcoin?
Traders and analysts who have been keeping a close eye on the ETH/BTC charts have noticed how Ethereum is outperforming Bitcoin. With the EIP 1559 upgrade on the way, we can only expect more from Ethereum in the coming months. Several analysts also believe that the ETH/BTC chart may remain the same for some time as Ethereum continues to perform better than the leading digital asset.
The recent drop in Bitcoin price is reflected in its ability to dominate the market, while Ethereum’s price increase has also helped the second leading asset play its significant role in the total market cap.
Ethereum as an Investment Alternative to Bitcoin
Bitcoin and all other altcoins have gained the attention of lots of investors lately. Many big corporations invested in Bitcoin after its last value surged to its latest all-time high. With all the improvements coming to Ethereum, we can also expect a similar trend.
Ethereum’s gas fees on transactions and a couple of other features will be revised soon. This will give it a big competitive advantage in the market and raise its perceived value in the eyes of investors. More investors may be turning to Ethereum soon as many are predicting another all-time high in the coming weeks.
Although nothing is certain in the crypto world, it is obvious that Ethereum will rise again very soon.
Ethereum still has some big shoes to fill if it would rise to number one on the list of cryptocurrencies. To compete with the largest digital currency, Ethereum still needs to show extraordinary performance.