Will Ethereum (ETH) Knock Bitcoin (BTC) Off its Top Spot?
- The top two cryptocurrencies by market capitalization have had very different fortunes in 2018 and charts suggest the moves are not over yet.
- Ethereum’s gains suggest a strong and stable client base.
Ethereum May Overtake Bitcoin Soon as the New Market Heavyweight
The two largest digital coins by market capitalization, Bitcoin (currently $158 billion) and Ethereum ($111 billion) are currently trading in completely different directions with BTC’s price down around 50% this year while ETH has bucked the general market trend and is up around 50%.
While Bitcoin continues to be very much under the market’s microscope – with the latest rumors swirling that the recent Tether/Bitfinex subpoenas may throw up some nefarious BTC price activity – Ethereum has kept very much under the radar and avoided any negative headlines. We looked at both BTC and ETH at the latest Cryptocurrency Webinar and concluded that while BTC remains negative on the charts, Ethereum’s set-up was much more positive.
The Ethereum vs. Bitcoin chart has also thrown up an interesting set-up, and if history repeats itself, ETH could well become the most valuable cryptocurrency in the near future. To become the new market capitalization leader, ETH needs to outperform BTC by 42% overall, something that can happen in quick order when markets make double-digit moves on a daily basis.
Ethereum/Bitcoin Price Comparison Chart (April, 2017 – February 1, 2018)
Cryptocurrency Trader Resources – Free Practice Trading Accounts, Guides, Sentiment Indicators and Webinars
If you are interested in trading Bitcoin against Ethereum, or either outright, we can offer you a wide range of free resources to help you. We have an Introduction to Bitcoin Trading Guide along with a Free Practice Account. In addition we run a Weekly Bitcoin Webinar and have an IG Bitcoin Sentiment Indicator to help you gauge the market and make more informed trading decisions.
--- Written by Nick Cawley, Analyst.
To contact Nick, email him at firstname.lastname@example.org
Follow Nick on Twitter @nickcawley1
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.