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Saturday, October 1, 2022

Ethereum Crossed $900, Mark, As Altcoins Went Nuts

The cryptocurrency Ethereum won’t get outmatched by the cryptocurrency Bitcoin this weekend. Ethereum’s price reached its highest level since 2018 January. Ethereum, the 2nd largest coin in terms of market cap, went past $900 today in a push in the final weekend. The price is $500 lower than its all-time high which was set in 2018 January, which is $1,432.

Ether’s weekend push suggests that this coin increased by 20% during the last day and by 43% during the last week. The current price of Ethereum, which is $912 indicates the cryptocurrency having $104 billion in market cap. It is around one-sixth of the market cap of Bitcoin which has $626 billion in market cap. Alt-Szn is also among us now.

Many Altcoins Went Up Like Ethereum

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All altcoins were up by a certain factor today like Ethereum: Maker was up by 15%, Litecoin was up by 17%, VeChain was up by 26% and Dogecoin was up by 70%. Even the cryptocurrency Tether which was predicted to get pegged against the American dollar reached $1.02 today. Only XRP which always gets benefited from the push of altcoins fell today. It fell by roughly 1.41% today while falling by 22% during the last week. It is collapsing because of the lawsuit slapped by the SEC on the coin’s creators.

Also Monero, a privacy coin crashed this week along with Dash and ZCash, the 2 coins which have strong features of privacy, after Bittrex, a crypto exchange announced to delist them soon. Monero dropped by 3%, decreasing 16% during the last week, while the coin ZCash pulled it back while gaining 1% during this week. Dash has increased by 0.27%, but it is down by roughly 13% during the last week.

The observers of Bitcoin, like Warren Buffet and Elon Musk, are walking a very careful line among outright derision, playful mockery, and cool commentary. After the current price bump of Bitcoin, they feel very strongly about the bull run.

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