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The crypto world has been soaring in recent times. Most of the coins have been gaining market share due to the increasing trust in the blockchain world. Traders increasingly prefer crypto coins due to the security and lack of government interference or regulations.
Of all the crypto coins, Ethereum looks to gain some substantial market edge in the coming trading days. As the second most traded coin, it seems to gain more from those looking to enter the market but don't have as much money for Bitcoin.
Its Futures are also looking to gain more in the same period. Such improvements are similar to that of the Bitcoin's bull run.
Here are some of the reasons for the Ethereum market soaring towards Bitcoin's bull market;
The first reason for the improvement of the Ethereum is the continued learning from Bitcoin. As the first cryptocurrency, Bitcoin has laid the blueprint for most of the other coins.
They can look into the growth strategies, challenges, and solutions, among other issues, to help them have a sustained growth pattern.
Ethereum has embodied Bitcoin's support patterns. Ethereum is significant in growth-based projects. Its underlying blockchain network supports multiple stable coins like PAX, USDX, USDT, and several others.
It also supports several other decentralized finance projects like Compound, Synthetix, Maker, and dYdX.
The partnership and support grounds have been some of the growth factors of Bitcoin over the years.
Still, Ethereum has also been inventive in its unique ways. For example, it introduced the Initial Coin Offering (ICO) method of investment that has been so popular with the new coins.
The underlying blueprint by Bitcoin, coupled with Ethereum's innovativeness, means the growth in Ethereum is highly sustainable.
The better part is that Bitcoin is also still on a viable growth path. Any growth that occurs in Bitcoin trickles down to the other coins, and Ethereum gains the most by being then second in the line of cryptos. An example is the trading of the Bitcoin futures and the other derivatives.
Bitcoin Futures started as a result of those looking to get into the market without the high risks of trading the coin. The Futures are highly regulated and got only traded in licensed platforms that make it entirely secure.
Its success has seen several top investors looking to be part of it. The same applies to Ethereum. It has followed suit by launching the Ethereum futures, which is now helping propel it to a similar Bitcoin bull run trade.
Even though the project has been on the line for some time, Ethereum 2.0 seems like the meaningful life the coin needs. Slated for release soon, the new version looks to transform the coin from the current proof-of-work validation to the more comfortable staking platform.
The coin will increase transactions as the users don't compete for validation, but, preferably, those with a higher asset amount can quickly validate the transactions.
Several top crypto enthusiasts have already voiced their opinion that the Ethereum 2.0 might trigger a bull run on the coin. In a detailed report, Adam Cochran, MetaCartel Ventures DAO, believes ETH 2.0 is likely to create one of the most significant economic shifts.
The new Ethereum is also likely to command a higher demand. It seeks to offer better security and faster transaction that makes it ideal for most traders. With the demand increasing considerably, the value must also rise simultaneously.
The coin might even experience a supply shock with 30% of the coin's supply on lock.
The increase in demand on the Ethereum coin will also trigger a similar impact to its futures and other derivatives. The Ethereum bull run is also likely to be a result of the fear of missing out (FOMO).
With the price shock and increasing demand, most investors would not want to miss the new wave, not after missing on the Bitcoin's first unbeaten bull run.
All these factors prompted by ETH are likely to improve Ethereum even better.
Even though Bitcoin has been on bullish trends before, the rise in Ethereum is a clear indication of the growing crypto market. The crypto world is getting a significant boost from the common coronavirus.
The stimulus packages from the government can be the same reason for the unattractiveness of the fiat currency. With most countries printing more cash to cushion the economy, there is a likelihood of a fall in the value of the currency once the economy returns to normalcy.
The Covid-19 pandemic has also led to the avoidance of paper money to reduce transmission. Digital cash, like cryptos, becomes the most viable alternatives. Such developments have seen a rise in the pay with Bitcoin options in most retail outlets.
Several payment processors have come up in recent times to ease the businesses venturing into accepting Bitcoin as a payment method.
The crypto world is also attracting new buyers. Several top financial experts and hedge funds are looking to have a piece of the crypto world.
Some of the notable world industrialists like Twitter CEO Jack Dorsey, Facebook, Visa, among other entities, are all working on a crypto-related project.
With most people gaining trust in the crypto world, it is imminent to go mainstream in the next few years. The user base of the crypto is likely to grow by as much as ten times with a market cap of trillions in the long run.
While most people know of Bitcoin as significant crypto, the boost in the market boosts all the other coins. So far, it seems Ethereum is the best placed to benefit from a boost in the Bitcoin's value. It has kept gaining a market edge to stay as the second most traded crypto in the world.
With all the government injected stimulus looking to stabilize the market, the crypto markets are likely to gain more. Ethereum particularly is facing an upturn with a probable bull run similar to that of Bitcoin.
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Total Market Cap The Total Market Capitalization (Market Cap) is an indicator that measures the size of all the cryptocurrencies.It’s the total market value of all the cryptocurrencies' circulating supply: so it’s the total value of all the coins that have been mined.
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Price Cryptocurrency prices are volatile, and the prices change all the time. We are collecting all the data from several exchanges to provide the most accurate price available.
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