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Ethereum’s Market Dominance Climbs To 10% As Price Gains 6% In 24 Hours

Written by: Qadir AK

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Apr 19, 2020

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Top cryptocurrency, Ethereum has recorded a remarkable market dominance in the early days of this quarter. As of today, Sunday 19th April 2020, the bitcoin rival cryptocurrency touched the 10% market dominance mark, signaling inbound upward waves in market traction and price momentum.

In a landmark that could be described as one of the many achievements already recorded by ethereum this year, the top cryptocurrency has touched the 10% mark in market dominance for the first time since September 2019.

Today, at 03:59 +0100 UTC, Ethereum, the second rank cryptocurrency by market capitalization was changing hands at $188.10. At the time, its dominance had climbed up around a standard deviation of 1.4 to touch 10% from 8.6% maintained about a week ago.

Ethereum Gains 17% In A Week, 6% In 24 Hours.

Ethereum’s price action seemed to have been one-sided for about a week now. The bias, according to recent price movements has been positive. The top cryptocurrency began the week on a bullish note. Since Sunday, April 12, 2020, when the price was hovering at around $158, ethereum has gained about 17% to see a significant momentum towards $200.

Similarly, since the last 24 hours, Eth’s price has kept the bullish energy by gaining more than $10 to touch $184 per unit of the coin. With an increasing market capitalization currently valued at $20.34 billion, Ethereum has traded more than $21.78 billion in volume within the last 24 hours.

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Ethereum Versus Bitcoin (2nd Quarter 2020 Analysis)

Ethereum and bitcoin seem to have quite different priorities at the moment. While bitcoin struggles to fulfill a safe haven status, ethereum, on the other hand, is focused on scalability and blockchain upgrade.

Since the start of the quarter, bitcoin price has fluctuated within close limits between $6,000 and $7,000. At the moment, bitcoin is changing hands at $7,212 per unit, having gained about 1% in the last 24 hours.

Analysis to differentiate between Bitcoin and Ethereum reveals that the latter is fast gaining traction as investors hold bitcoin as against trading ahead of the block halving in May. Bitcoin has seen numerous ups and downs within this quarter. From extreme price swings to unbelievable hash rates and exchange volumes, all of which point to the singular thought of the king crypto reacting to its upcoming block halving with every step it takes closer to the event.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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