There has been a curious trend with Ethereum (ETH) that indicate to a possible “flippening” and staging a strong challenge to Bitcoin as the leading cryptocurrency. For a number of months, Ethereum trading accounted for less the 10% of all trades. On the other hand Bitcoin has taken up 36% of all the trading.
The rise of Ethereum
There seem to be a change of events and more money seem to be going into Ethereum. According to Greg Adams, the founder of blokt.com which exclusively covers cryptocurrencies is of belief that Ethereum will soon overtake to become the favorite cryptocurrency. He added that the market will start shifting from bitcoin to ethereum in terms of dominance.
Ibtimes recently published an article touching on the future of Ethereum. According to the article, Ethereum ecosystem seems to be doing well compared to bitcoin in terms of price.
The ETH digital has recorded a 20% raise in trading volumes going by Tether (USDT). However, the Korean Won and the US dollar account for the highest share. ETH has moved steadily gaining 1.4% on Asian markets in a week.it is currently trading at $767.02.
Ethereum hashing power
Another phenomenon that has led to the growth of Ethereum is the hashing power to the network, which has grown by 10% since the start of May. This is indication that ASIC machines may soon be coming on board.
All these scenarios seem to be changing Ethereum’s risk profile and turning it into a completely different phenomenon for 2018. There are several bullish price projections that will likely raise the price to $1,500.
Additionally, many are even optimistic that Ethereum will eventually overtake Bitcoin and become the dominant cryptocurrency. Many have also projected that Ethereum will have a depressed price of up $400.
However, Ethereum is also being faced with a short-term challenge. Many ICOs are liquidating their holdings. The EOS project recently revealed plans to sell its ETH. ICO activity in the past has helped reduce prices of ETH before it bounced back recently. There is a high possibility that the increase in increase in trading activities mainly because of the increase in markets for ETH will help mitigate the risk.