Ethereum, the world’s second most capitalised digital coin, gained 31.74 percent in the last 24 hours to hit $1,056.10 per coin in the early hours of Monday.
The digital coin total market value rose to $120.51 billion while investors’ volume of trade in the last 24 hours stood at an astonishing $55.88 billion.
The digital asset opened at $795.99 per coin before pulling back from $1,151.07 it traded at the height of rush to $1,056.10 per coin as at the time of writing this report.
In 2021, Ethereum has gained 54.95 percent with 1.23 million total transactions in the last 24 hours.
Bitcoin, on the other hand, pulled back from a record-high of $34,544.94 per coin it traded in the last 24 hours to $31,448.30 before paring losses to $32,009.46 as of the time of writing.
Investors traded Bitcoin valued at $8.34 billion in 359,641 transactions at an average transaction fee of $7.87 in the last 24 hours.
Total Bitcoins in circulation rose to 18.59 million, out of the total 21 million expected to be mined.
Institutional investors continued to dump money on Bitcoin for the fear of missing out despite no clear explanation or logic for the recent upsurge in the coin value.
Why I am Bullish on Ethereum Despite Global Uncertainty
Ethereum, the world’s second most capitalised cryptocurrency, broke through the $362.73 resistance level on Monday August 3, 2020 for the first time since July 22, 2018.
While Bitcoin attractiveness has surged on the back of the recent bullish run, a strategical look into Ethereum and the entire crypto market painted a unique picture of the world’s second most capitalised cryptocurrency.
The digital coin has gained over 35 percent since July 24, 2020. However, its recent bullish run started on May 12, 2020, a day after the third Bitcoin Halving happened. Suggesting that investors that understand market parameters have started buying Ethereum even before the present cryptocurrency bullish run.
This is because as Bitcoin becomes more expensive and out of reach of retail investors, they would naturally jump on the next affordable digital coin, which is Ethereum.
Therefore, I expect the price of Ethereum to grow further, especially if the $362.73 support level continues to hold. Again, in the near-term, I will expect the digital coin to hit a $545.72 resistance level and expect a sustained break of that level to open up a $748.44 resistance level.
Here is Why I am Bullish on Ethereum
Ethereum blockchain technology is multi-purpose compared to Bitcoin that is basically ‘digital money/asset to store value’. Ethereum can be used to power other programs like the smart contract and automate agreement or payment of agreement across key sectors using Ether, Ethereum payment unit. Meaning, there is room for Ethereum to grow going forward while Bitcoin will continue to struggle with acceptance against fiat currencies.
Ethereum is generally affordable. This, I believe would boost its attractiveness as Bitcoin becomes more expensive and out of reach of most retail investors that propelled Bitcoin to the current level.
Known Founders Behind Ethereum
Bitcoin will forever struggle with credibility issues because of the mystery surrounding its founder and the people behind it. However, Ethereum has known faces and people behind it.
These people have granted several interviews and attended events. Therefore, they can be held accountable for whatever goes wrong with the Ethereum technology going forward.
If Bitcoin crashed today, the team behind it will stay anonymous forever.
Bitcoin has been used to siphon billions of dollars across the cyberspace than any known cryptocurrency. It has gotten to a point where Bitcoin is gradually becoming a funnel for cybercriminals despite its seemingly value.
While Ethereum has had its fair share of scams and fraud, it is nothing compared to Bitcoin. Hence, Bitcoin will continue to struggle with perception going forward. Therefore, it is a good idea it was capped at 21,000,000.
Update: Five months after the above analysis, Ethereum hits over $1,000 per coin.
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