Ethereum (ETH) Soars 8%, Outperforms the Broader Crypto Market
Ethereum (ETH) and the crypto market have today seen a sudden surge in buying pressure, allowing them to continue with the upward momentum that has been exhibited in the last few months.
Analysts believe that Ethereum will continue with the upward trend in the near term and could outperform Bitcoin in the long term because of the increasing adoption of Ethereum by companies such as Ubisoft.
Currently, ETH is trading around 8% up its present price of $259.50, gaining significantly in the last 24-hours from lows of $240 set earlier in the day. The significant market surge has seen the coin jump to a new weekly high, bringing it closer to $285, which was its year-to-date high set late last month when the whole cryptocurrency market saw a brief surge before experiencing significant selling pressure that sent the market reeling lower.
Ethereum is currently among the top performing altcoins in the market, just behind Litecoin that has led the market surge in the last couple days by jumping close to 31% in the past week. According to popular cryptocurrency analyst The Cryptomist, Ethereum will continue surging in the near term, and she believes that it could easily get to $300 by July.
Even though it is not practical to conclude that the coin is expected to continue surging higher going forward, one analyst is optimistic that in the next 24 months, ETH will outperform Bitcoin. In a tweet, another popular crypto trader, Bitcoin Jack, indicated that he thinks the long consolidation period of Ethereum against Bitcoin will potentially allow it to grow significantly higher in the next few years.
The performance of Ethereum will continue to be bolstered by its growing adoption. Recently, gaming giant Ubisoft announced that it was considering using the Ethereum blockchain for games as well as in-game functions.
Although it is not easy to say where the crypto market is headed in the long term, for now, there is a strong upward momentum that will most likely persist for some time, allowing Ethereum to gain significantly.
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