Ethereum (ETH) Posts Significant Gains on Value Buying: Will It Sustain?
Ethereum has been leading the crypto rally over the past week after the slump in the first half of 2019.
Over the past few years, Bitcoin has firmly established itself as the biggest cryptocurrency in the world by market cap, and it is the only coin that can actually move markets one way or another. Over the past few years, the second-biggest cryptocurrency in the world, Ethereum, was regarded as the only viable challenger to Bitcoin.
Although Ethereum never overtook Bitcoin, as some believed it might, it is important to note that ETH is now gaining significant ground and has done so since Friday of last week. On Tuesday, Ethereum managed to have a better day than Bitcoin, and it goes without saying that it is a significant event.
Throughout the course of Bitcoin’s remarkable rally this year, Ethereum remained a disappointment, but it seems it is now making a serious move. According to the latest report by Delphi Digital, Ethereum managed to gain 11% on Tuesday, and that came at a time when Bitcoin had been generally tepid in its performance.
It needs to be kept in mind that most altcoins are now having a bit of a surge this week and among those, the gains made by Ethereum has been noticed the most.
Although it is true that altcoins have enjoyed a good run over recent days and seem to have turned a corner after having been beaten down for some time, it does not necessarily indicate that these tokens are set to go on a rally. Both 2018 and 2019 so far have been forgettable years for most altcoins.
Ethereum was one of the worst performers of the year so far but the gains made by the coin over the past few days have given rise to a lot of optimism among its investors. Many believe that Ethereum could touch $240 soon.
What do you think?
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