While Bitcoin Slows Down Ethereum Goes Turbo

Jun 13, 2017 at 12:10 // News
Author
Nina Lyon

The recent rally of the Bitcoin price to $3,000 paused with inevitable corrections and the price moved to the level of about $2,750 per BTC. Meanwhile, the main competitor of the world’s largest cryptocurrency - Ethereum (ETH) is pushing up.

Bitcoin price chart, June 13, 2017

To date, Bitcoin is the leading cryptocurrency with a $45 billion market cap, a big price that has reached its historical maximum high on June 11 ($3,005) and a huge daily trade volume of $2.7 billion.

However, Ethereum’s market cap has already reached $35 billion and continues growing. The daily trade volume of Ethereum has already surpassed Bitcoin’s and is $2.9 billion.

While on June 11 Bitcoin’s price fell down and took the other altcoins into the stage of price corrections, Ethereum managed to hold on and continued growing. Today, June 13, Ethereum reached its price maximum of $411 and then slowly stepped into a stage of corrections as well. Now the price of ETH fluctuates at the level of $375.

Ethereum price chart, June 13, 2017

Might Ethereum soon take the lead?

Now, Ethereum is a strong cryptocurrency with an army of followers and huge daily trade volumes. Cryptocurrency experts call it the most promising altcoin more often and even say that it might soon overtake Bitcoin.

Frank Espinoza, Director at Coin Capital Group, an Australia-based Capital Management company in charge of managing portfolios of cryptocurrencies using advanced statistical analysis, commented to Coinidol:

Frank Espinoza.jpg

“I believe one of the key players in the altcoin scene in at least the following 3 years will be Ethereum, because currently it provides a technology that no coin can easily offer at that level, which is the blockchain base for the issue of new coins.”

Vitor Rita, a cryptocurrency investor, CEO of Portdiamonds.com and Portbullion.com, companies trading with diamonds and gold in Africa and South America, Head of Project for Lisbon Diamond Exchange, creating a p2p diamond trading platform, and supporter of the Blockchain investment revolution, also commented:

Vitor Rita.jpg

“In my view when you buy BITCOIN then you buying a share of BTC blockchain. Block chain is very very infant stage, all companies in the world will be trading in blockchain in the next few years including all governments and so they will use BTC blockchain as a base, or ETHEREUM or other blockchain and this will push price very high on bitcoin and ethereum because they are shares, not daily currency usage.”

According to Vitor Rita, the Bitcoin price will go sky high as more companies start using the Bitcoin blockchain. It may even rise to a price of $1 million per BTC. Ethereum has every chance to behave the same.

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