Since the onset of 2021, we have seen Bitcoin break record after records. Despite the anticipated correction that took place after Bitcoin reached an all-time high of $40,000, Bitcoin is still receiving positive attention in the market.
On the other hand, even regulators have warmed up to the idea of blockchain and cryptocurrency, as in the recent news we discovered that OCC would allow banks to use public blockchains and stablecoins.
We are seeing a flood of positive circumstances unfold for the cryptocurrency industry. And although all eyes have been glued on Bitcoin, if we look outside of Bitcoin we will be able to better access what to expect from the cryptocurrency market in the near future. For instance, let’s look at Ethereum.
In the past week, we saw Bitcoin double its previous all-time high, Ethereum has still managed to outperform Bitcoin. A shown in Coin Gecko, post-correction, Bitcoin is at 7.9% and Ethereum is at 14.3%. Why? Because Ethereum and other Altcoins have relatively lower market capitalization than Bitcoin, it is possible for them to make bigger jumps. As the media, retail investors, and institutional investors venture positively into the overall cryptocurrency market, Ethereum along with other Altcoins could see prices rally.
Similarly, after Bitcoin, Ethereum is likely to make the big move, precisely because it is still 23.6% below its previous all-time high. But, that’s not it, the price movement of Ethereum resembles exactly the price movement of Bitcoin. Both seem to follow Metcalfe’s Law which observes the positive relationship between prices of Bitcoin/ Ethereum and the number of ative addresses. However, it is interesting to note that Ethereum is growing faster than Bitcoin when it was at the same point as the first 1 million addresses.
It is likely that we are going to see exponential growth in Ethereum. If you have invested in cryptocurrencies like Bitcoin or Ethereum, then you need to store them in a secure wallet. XcelPay Wallet is the universal crypto wallet that allows you to create multiple wallets within XcelPay Wallet to store all your cryptos. Download now from Google Play Store and iOS App Store.
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