The cryptocurrency market as a whole isn’t having a spectacular day. Well, most of the crypto world is – except for Ethereum (ETH), that is. It is one of two coins in the top 10 most valuable that have made 24-hour gains. The other one is Bitcoin Cash (BCH), which has gained just under 4%. Meanwhile, Bitcoin (BTC) is down nearly 5% and Ripple (XRP) has sunk about 16% lower in the past day.
Why is Ethereum (ETH) surviving the downturn? In the past week, it has added 53% to its price. In that same period of time, Bitcoin (BTC) has fallen by about 6%. Ripple (XRP) has dipped 27% lower, and Litecoin (LTC) has tumbled 3.5% lower.
On top of that, ETH – also known as Ether – has added 189% to its price-per-coin in the past month:
Compare that to Bitcoin’s 15% drop or Litecoin’s 46% boost.
But what is so special about Ethereum How has this particular cryptocurrency managed to stay in the green while its main competitors on the market are suffering?
Why is Ethereum (ETH) Rising – and Is It a Reliable Cryptocurrency Pick?
Ethereum has weathered a lot. It has been constantly bombarded with altcoin competition, like Cardano (ADA) and TRON (TRX). New cryptocurrencies have been springing up that offer similar technology to Ethereum’s – but more scalable. These newer coins have been doing extremely well in trading.
The altcoin competition also boasts faster transaction speeds and cheaper transactions costs than those of ETH’s.
But Ethereum is still the second-most valuable cryptocurrency on the worldwide market. With $130 billion in market value, it is second only to Bitcoin (BTC) – which is valued at $237 billion. Ripple (XRP) briefly took second place in the past week or two. But that was short lived, as ETH reclaimed its rightful #2 spot shortly thereafter.
Do you think it will keep its place?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.