Will Ethereum Dethrone Bitcoin? Altcoins Seem to Be Gearing up for a Reflex Action!
Since reaching an all-time high of nearly $65,000 per bitcoin in April, the bitcoin price has lost nearly half of its value. Meanwhile, after rising to over $4,000 per ether token earlier this month, the price of ethereum also has dropped by more than half.
As the cryptocurrency sell-off escalated, the price of Ethereum fell to a multi-week low of $1,885. Ether has since recovered and is now valued at $2,662. Ethereum price forecasts assume that the coin will regain momentum and return to its previous highs.
With the hard fork “London,” the Ethereum fee model will be modified. EIP-1559 will be put into effect, making ETH a deflationary commodity. Some users believe that ETH will become a more powerful store of value than Bitcoin as a result of this.
Altcoins Begin Their Uptrend!
Almost every cryptocurrency asset has suffered a loss as a result of the huge market downturn seen last week. It’s worth noting that only a few altcoins saw their value rise as a result of these events.
Polygon (Matic) the major Layer 2 solution reported a new all-time high on Tuesday, May 18 by hitting $2.7. Polygon (MATIC) was the first to rebound, with a regular benefit of 110% and an 81.4% increase against the Bitcoin pair. Investors have become more interested in the project recently.
Polkadot (DOT), Solana (SOL), Cardano (ADA), and Binance Coin (BNB) all showed remarkable resilience during the crash and seem to be primed for more gains in the months ahead. Users are willing to engage in low-cost DeFi ecosystems with quick transactions, as demonstrated by BNB and the Binance Smart Chain ecosystem.
This demand is being met by Solana and projects like Terra (LUNA) and COPE. Cardano’s smart contract platform, Plutus, will be launched, and its ability to attract more users, developers, and projects will be critical for its near future.