The numbers are changing everyday. But in the last hours Ethereum is coming back quite hard after falling previous 24-hour period.
Compared to the larger capitalized blockchain assets, Ethereum showed the most significant gain in the last day, climbing to 20.19%, based on coinmarketcap.com. Bitcoins gain was approx 4.80%.
- Ethereum’s price tumbled from $391.51 June 13 to $262.38 on June 26, then rebounding to $321.83 on June 28.
Bitcoin being followed by Ethereum
The Lead for the share of crypto market capitalization is on question after the events of this year as bitcoin is being chased by ethereum. Right now Ethereum is holding $30.821 billion compared to bitcoin’s $42.558.
- The only crypto to gain more than Ethereum in the last 24-hour period was AntShares, which at a $430.46 million market cap, is the 15th largest crypto. Antshares posted a 24.5-point gain.
A solo article on the so called “The flippening – does Ethereum have it to become the #1 crypto”
Nicola Duke, a forex analytix technical analys said breaking through the $377 price point would be key for Ethereum. That point, according to Duke, was the “resistance level,” the point that traders reach but don’t surpass.
Ethereum’s next challenge is to reach $467. Duke uses historical price data to determine future price movements.
How Bitcoin changes the Swings on Ether
The swings of the last few days indicate that bitcoin’s vitality or lack thereof has an exaggerated impact on Ethereum, as well as other altcoins. The level of interest in bitcoin affects interest in altcoins that can deliver better gains. The expansion of ICOs has also raised awareness of altcoins.
While bitcoin impacts altcoins, there is also fundamental demand for Ethereum. Ethereum supports smart contracts, which has attracted significant interest among financial institutions and other companies.