While Bitcoin went on its incredible rally during the first half of the year, its biggest competitor, Ethereum (ETH), struggled massively and failed to generate any meaningful gains for its holders. There was a time when many had predicted that ETH was going to eventually overtake Bitcoin, but that never came to pass, and this year, the performance was particularly disappointing.
Is it a Bullish Sign?
However, it seems that ETH is making a comeback this week; the token recorded massive gains to stoke excitement in the crypto sphere yet again. In this regard, it is important to note that despite its struggles over the past months, ETH was never in danger of losing its status as the world’s second-largest cryptocurrency by market cap.
Due to the massive surge in its price this week, experts have predicted that the ETH price might, in fact, cross an important hurdle of the $220 barrier soon. Now, one thing that needs to be understood with regards to Ethereum is that the cryptocurrency is now among the older ones in the market, along with Bitcoin, and hence, it enjoys a bigger status in the market.
While Bitcoin was going through one resistance after another during the first half of the year, ETH was trading within a range. However, that has now changed.
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Since last Friday, ETH has gained as much as 20% and has the momentum to gain more within the next few days. At the time of writing, the price for one ETH stood at $209, and the total market cap of the coin touched $22.45 billion. That being said, the sudden rally in ETH still remains unexplained, and it remains to be seen how long it can sustain.
Moreover, the experts in the crypto market have even gone on to say that the sustained rise in Ethereum could also prove to be a boost for Bitcoin.