It’s quite easy to get caught up in the bitcoin hype. After all, the currency is the face of the digital asset market and presently serves as the largest cryptocurrency by market cap. With its recent jump to roughly $40,000 per unit and the establishment of a new all-time high, it’s hard not to keep our focus and attention on it, but we can’t turn our backs on Ethereum or any of the world’s other high-ranking digital assets, many of which are putting bitcoin’s sudden surges to shame.
Ethereum Is the Big Gainer as of Late
Ethereum is the world’s second-largest cryptocurrency by market cap and the number one competitor to bitcoin. Younger than BTC by about six years, the currency is widely known not for its payment abilities or money-making habits, but rather for its smart contracts that have allowed multiple crypto developers from all over the world to establish new decentralized apps – or dapps, as they’re called – and new assets that have ultimately risen to be major digital competitors all their own.
For the first time since 2018, Ethereum is trading for more than $1,000 per unit, making it a heavy gainer in recent weeks. No doubt Ethereum likely wouldn’t have hit this trading margin without bitcoin’s help, but it would be wrong to discount Ethereum in any way or act like it doesn’t hold ground when placed next to bitcoin.
In many ways, Ethereum has surged even further than BTC. The problem right now is that BTC still has the largest price, and thus we tend to give it more focus than we do competing altcoins, but when one really looks at the numbers and figures in play, we can see that while bitcoin hogs all the space, it’s not the industry’s top performer.
For example, the asset was trading for around $7,000 at the beginning of 2020 – roughly one year ago. Now, it’s trading for $40,000 per unit, which is a bit of a pullback from its recent jump to just under $42,000. Looking at the latter number, it’s easy to say that bitcoin has grown to six times its size in the past 12 months.
Altcoins Deserve Our Attention
Ethereum, by contrast, sported a much smaller price at the beginning of 2020, with each unit selling for about $140 each. Now, however, with it’s rise to more than $1,000 per unit, it becomes clear that the asset has grown by nearly ten times its size and has swiftly outdone bitcoin’s meteoric rise.
In addition, the currency is not alone, having been joined by several alternative coins such as Litecoin, which has tripled in just the last three months and is now trading for more than $150 per unit. Bitcoin cash has also nearly doubled in this same timeframe and is now selling for about $400.