Ethereum closing in on $3,000 as Bitcoin eases off the throttle

The biggest challenger to Bitcoin’s claim to the cryptocurrency throne – Ethereum (ETH) – hit another all-time high today at $ 3,000.

Ether stops just $ 50 before the huge psychological milestone and continues on its way to reduce Bitcoin’s market dominance in terms of cryptocurrency.

Bitcoin, which is currently flattening after an impressive return of over $ 57,000, appears to have temporarily lost momentum after climbing steeply from yesterday’s low of $ 52,740.

Instead, it’s Ethereum’s sails that catch the wind as digital entrepreneur Vitalik Buterin’s idea steers a course towards $ 3,000.

Ethereum was – along with Binance’s native BNB coin – one of the standout success stories of 2021 after its value had almost quadrupled since the beginning of the year.

Just two months before toasting its sixth birthday, Ether’s development over the past few months has been nothing short of remarkable.

While cryptocurrencies have had their biggest hit across the board since their inception 12 years ago with the introduction of Bitcoin (BTC), only Ethereum’s indigenous ether has shown enough pedigree to prove that it could one day match the power of the original crypto.

And this weekend shows how far ETH has come since the days when $ 300 – let alone $ 3,000 – was an imaginative dream.

Coarse-grained bump

Saturday’s main European session had enough trading volume to break the $ 2,800 mark, and that gritty impetus seamlessly overlapped with an awake Asian market that appeared to be hellish on a major breach of $ 3,000.

However, many analysts seem concerned that Ethereum could overheat – much like Bitcoin last month when a massive surge to $ 60,000 caused it to spiral out of control before repeatedly falling under the $ 50,000 safety net .

For every cautious Capulet, however, there is a menagerie of motivated Montagues who are Ether ready. Not just to see another all-time high painted on the side of Vitalik Buterin’s cockpit, but to see Bitcoin’s dominance water down even further in an emerging old season.

CONTINUE READING: Could Ethereum overtake Bitcoin as the world’s leading cryptocurrency?

Although Ethereum is often the bridesmaid and never the bride, it doesn’t fly alone to gain a foothold in flagship BTC.

BNB – Binance’s own coin – has tacitly eaten more than its fair share of the crypto cake and is currently filling his face with gusto for $ 620.

The running joke among cryptocurrency enthusiasts – Dogecoin – has also done a good job of eating up the crumbs as the Elon Musk-powered Twitter party celebrates another approach for $ 40 a serving.

More well thought-out projects are also causing serious waves in the crypto and blockchain world. Things like the Charles Hoskinson-powered Cardano and its native ADA coin are making great strides across Africa and potentially cementing an untapped market for digital assets and the underlying technology.

Earlier this week Cardano announced that they are teaming up with Save The Children on their “Africa Special” to support the world-renowned charity’s humanitarian efforts in East Africa.

Although ADA is not yet ranked anywhere near BNB or ETH, it has set the marker for how much big player it wants to become when it builds up in the African market.

CONTINUE READING: Ethiopia is revising its education system through an IOHK blockchain partnership

Elsewhere, it’s hard to ignore the notable accomplishments of the usual suspects – Litecoin, Ripple, Bitcoin Cash, and others – as they set up their booths for the world to see beyond Bitcoin’s dominance.

This sovereignty, certainly during this cycle, is definitely slipping. How far it will withdraw or recover is unclear.

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