Ethereum [ETH] Rise 100% from Swing Lows, but Dominance over Altcoins is at Stake

By Nivesh Rustgi
Published February 12, 2020 Updated February 12, 2020
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Ethereum [ETH] Rise 100% from Swing Lows, but Dominance over Altcoins is at Stake

By Nivesh Rustgi
Published February 12, 2020 Updated February 12, 2020

Like it or not, alt-season is here! Although, led by Bitcoin, the bullishness in the crypto markets are projecting huge gains altcoins even w.r.t. Bitcoin.

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The price of Ethereum has doubled from it’s lows in December at $120. Nevertheless, Tezos, exchange tokens, Chainlink, EOS and Tron are also posting huge gains alongside ETH.

Tezos, ETH, TRON, EOS, Comparison Chart (TradingView)

While Bitcoin [BTC] moves to new yearly high at $10,400, the dominance of Bitcoin has dropped below 63%. Ethereum, on the other hand, witnesses a slight increase it’s percentage dominance as it moves to $250.

crypto market dominance
Cryptocurrency Market Percentage Dominance (CoinMarketCap)

The 24-hour volume of Altcoins has been above $100 billion in the last few days; overall, the volume projects a 3X increase from altcoin trading volume around September and October. Nonetheless, over 48% of the volume is on USDT Stablecoin.

A lot has changed since the last alt-season which saw Ethereum’s dominance nearly up to 30%. In the present situation, it faces a lot of competition from other blockchain platforms. The market dominance of Ethereum dipped below 10% during the altcoins sell-off in Q3 of 2019.

Google Joins Governing Council of DLT Platform

Yesterday, Hedera Hashgraph, an IBM backed DLT platform with Hbar cryptocurrency added Google as its Governing Council member. The platform aims to provide similar features to that of Ethereum. Josh Rager, derivatives and crypto trader tweeted,

Lots of talk about Chainlink and Tezos performance on the charts But $HBAR hit a return of 380%+ over the past month after the news today of @Google joining Hedera’s governing council

Hence, Ethereum faces stiff competition from platforms like Tron, Cardano, EOS, NEO and now a new entity, Hedera is gaining popularity as well.

The ICO seems to be contained by the regulatory authorities around the world, especially the SEC. However, the new wave of decentralized application and distributed consensus has a number of platforms competing for it.

Moreover, new cryptocurrencies are finding a way through IEOs and institutional investment.

Which network do you think will lead the space for world computer? Please share your views with us.  

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nivesh Rustgi
1181 Articles
Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

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