Ether’s seems to be climbing the ladder in the last two days as its value rose by 5% in a single day, leaving the digital coin valued at $2,218 – reported at 7 AM yesterday. However, the cryptocurrency has been highly volatile and is currently valued at $2,024. Despite the volatility, it appears that Ether is going in the opposite direction as Bitcoin.
Bitcoin rose to $35,000 after lots of speculation and high hopes from investors; however, soon after, the market-leading crypto saw another slight dip in value. The constant volatility has left people confused, not knowing what to expect from Bitcoin or other cryptocurrencies at the moment.
The crypto market altogether hasn’t been very exciting over the past few days. Dogecoin, the meme-based crypto, saw a 2% boost in price, which marks its seven-day growth at 6%. Though market analysts are still suggesting that the following crypto market downfall is temporary and crypto prices are likely to rise in the near future.
Ethereum’s volatile price over the past few days didn’t stop it from making history by surpassing Bitcoin in a key transaction and trading metric in the previous week. The data was gathered by crypto analytics from Santiment, which clearly showed Ether surpassing Bitcoin in daily active addresses for the first time in history.
This had experts and regular investors questioning whether Ethereum is the new crypto king. After all, Bitcoin has been treated more as a commodity, whereas most crypto transactions occur with Ether. It was also reported that the transaction fee for Ethereum dropped to the lowest it’s been since December 2020 and is reported at $2.15.
Analysts suggest that as more and more cryptocurrencies turn towards upgrading their mining process and making it cheaper and faster, the transaction fees for cryptos are likely to fall further. Though this isn’t likely to happen in the near future, it may occur at one point or another.
Following Bitcoin’s price trends and studying ongoing patterns makes it evident that the cryptocurrency might see another rise in value shortly. Analysts suggest that this is the fifth time since 2012, where Bitcoin has entered a buy-phase, and investors need to take advantage of its low price. However, the ongoing events, including the FCA’s ban on Binance and China’s ban on crypto trading, has left a question mark on Bitcoin and other cryptocurrencies for now.
Nonetheless, there have been positive events as well. These include the recent announcement by the president of El Salvador regarding the acceptance of Bitcoin as legal tender and the most prominent Bitcoin conference last month.
Only time will tell where Bitcoin and Ether are headed. However, the popular opinion is that they’re both going to see a rise in value in due time.