Most of the altcoins in the cryptocurrency market have already started spearheading a newer alt season, which would see Ethereum, Dogecoin, and other such coins coming in with a bang. Interestingly, this would also help other cryptocurrencies that seem to be benefitting from the developments put forward by altcoins. Yet, it is assumed that Ether is still going to be the one to bring in all the waves that would herald this summer season.
Ethereum Has A Good Chance Of Making It Big
The price of Ethereum has already increased by around 65% in the last month, as it crossed the barrier of $3,500 on the 6th of May. This implies that the token gains for the year have come in at 1,500%, for it seemed to be trading in at a range of $215 the previous year. This price surge that took place in the cryptocurrency market allowed Ether to soar beyond the mark of $400 billion for the very first time in its history.
Joshua Frank, the CEO of The TIE, mentioned that there were quite a few investors who had already started considering this altcoin as a proxy that will benefit the entire alt-coin crypto market. He also believes that the tweet volume for Ethereum would definitely increase in the next few months- a process that began all the way in July 2020. The tweet volume taking place over the last 1 day had an incredible record of 59,000 Eth with the altcoin soaring to newer heights.
Another advantage for Ethereum would be plummeting dominance of Bitcoin- for it already fell to a level of 70% compared to when it started the year. Ever since then, the cryptocurrency has just been declining- where it also reached a year low of 45.70% on the 6th of May.