The past couple of weeks have been bright for cryptocurrencies generally and Etherum is not left out in the positive trends so far.
Ether, which is the native cryptocurrency of the Etherum network, doubled in market value in barely one month period to peak at $1,151.
Recall that we initially predicted a potential boost in the Ether market cap in a previous publication.
Then we attributed Ether’s potential rocket boost to the launch of Etherum 2.0 which debuted on December 1
Quite in line with our prediction; the second-largest cryptocurrency by market value witnessed over a 40% surge just in the previous week.
According to various industry experts, “the ether slingshot has arrived.” In as much as it is quite a distance away from its big brother, Bitcoin, the native coin is seemingly playing the catchup game.
Earlier in the month, Bitcoin also rockets past its previous record high pegged at $19,783 in December 2017 to currently peak at an all-time high of $34, 545.
Regardless of the unpredictability of the Bitcoin market; investors are now also showing interest in Ether’s relatively low price that’s becoming more irresistible.
“While Ether hasn’t established a store of value narrative, its relatively low price is becoming irresistible to Wall Street investors drunk on bitcoin gains,” an investor revealed.
Unlike Bitcoin, Ether is yet to surpass its all-time record price
With Bitcoin still experiencing a Bullish sentiment, Ether has also tapped into the upward trend.
However, the alternative coin is yet to surpass its own all-time record price pegged at $1,433 in December 2017.
Credit: CoinDesk
As of the time of this publication, Ether is still about 42% down from surpassing its all-time record price.
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Interestingly, there are ongoing predictions for another bullish run towards the $2k mark due to speculation of potential investment from major players.
Major investors like MicroStrategy’s CEO Michael Saylor and SkyBridge Capital’s Anthony Scaramucci are reportedly planning to invest big in the coming weeks.
If the speculation is genuine, then we just might experience another bullish movement; as more investors will also participate going forward.
Ether market capital hinges close to Bitcoin’s
Although still considered to be relatively low, Ether’s market capitalization is approximately one-quarter of that of Bitcoin; which currently stands at $602.20 Bn.
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At $120.28Bn market capitalization, Ether still remains the second most valuable cryptocurrency globally; and its pursuit to the top is waxing stronger by the day.
Also, Etherum trading volume which currently stands at $21.63Bn has surpassed that of Bitcoin pegged at $17.95Bn.
These positive trends are indications that Ether still stands a greater chance of competing in the cryptocurrency world.
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