On the 6th, crypto assets, which are said to be Ethereum’s competitors, rose sharply, and Ethereum (ETH) also exceeded $ 3,600, setting a new record high.
● Ethereum is trading at around $ 3,483 as of 21:00 Coordinated Universal Time (UTC) 6th (6pm Japan time) (abbreviated below), up 0.28% in the last 24 hours.
● 24-hour range: $ 3,397-3,607 (CoinDesk 20 data).
● Ethereum Classic (ETC) traded at around $ 148, up 50% in the last 24 hours.
● EOS has traded at around $ 12.29, up 48% in the last 24 hours.
● Cardano / ADA has traded at around $ 1.59, up 9% in the last 24 hours.
● Bitcoin (BTC) traded at around $ 56,161, down 1.6% in the last 24 hours.
● 24-hour range: $ 56,586- $ 58,266 (CoinDesk 20 data).
On the 6th, the big rise was the so-called “Ethereum killer”, a blockchain crypto asset that aims to replace the important attributes of Ethereum (mainly programmability).
Ethereum Classic (ETC) has risen by more than 1250%, Cardano (ADA) by 238% and EOS (EOS) by 42% in the past month (data from the crypto asset exchange Kraken provided by TradingView).
In the latest report by major general financial institution ING, support for the concept of DeFi (decentralized finance) also supports the rise of these crypto assets.
Also pay attention to Ethereum killer with the rise of Ethereum
“Ethereum’s recent bullish moves shed light on Ethereum’s competing projects, which can be combined into one category, the so-called’sector’,” said Elie Le of trading firm Exo Alpha. Rest) said.
Also on the 6th, the Wall Street Journal reported that individual investors are looking for “value coins”. Ethereum Classic (ETC) no longer meets that requirement and is currently trading at around $ 130, according to CoinDesk 20 data. Cardano (ADA) is around $ 1.63 and EOS (EOS) is just over $ 12.
“Currently, people’s interest is shifting from Bitcoin to Altcoin. They are looking for returns and are looking to expand their investment even further,” said Ciaran Neilan, a crypto asset market maker GSR.
Bitcoin dominance (the ratio of Bitcoin’s market capitalization to the total market capitalization of crypto assets) is one sign that interest in Bitcoin is declining. At the time of writing this article, Bitcoin’s dominance was about 45%, the lowest level since July 2018 (TradingView data).
In the last bull market, early 2018, Bitcoin’s dominance fell to a record low of 35% as investors turned Bitcoin’s profits into altcoin. Earlier this year, Bitcoin’s dominance was at a high level of 72%.
Meanwhile, GSR’s Neylan said dominance is likely to recover. “It’s going to end as usual. Bitcoin will rise and get a lot of attention again.”
Ethereum attracts the attention of institutional investors
According to data from CoinDesk 20, Ethereum (ETH) hit a record high of $ 3,607 around 17:30 Coordinated Universal Time (UTC) 6th (2:30 Japan time 7th).
The European Investment Bank’s (EIB) issuance of $ 121 million in digital bonds using the Ethereum blockchain also showed institutional interest in the Ethereum ecosystem.
In the Ethereum derivatives market, Ethereum futures have reached $ 10 billion, the highest ever. Skilled investors are entering the market and need more complex investment products. Open interest on Ethereum futures has risen 47% on major exchanges in the past month.
“I think it’s just getting started. The Ethereum market is almost infinite compared to Bitcoin,” Stefan Coolican of investment firm Ether Capital told CoinDesk.
｜ Translation: coindesk JAPAN
｜ Editing: Takayuki Masuda, Shigeru Sato
｜ Image: TradingView
｜ Original: Market Wrap:’Ethereum Killers’ Pop as ING Report Highlights Ethereum Over Bitcoin