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Ethereum Retains Gains and Pushes Higher

ETH is staying ahead of BTC in the crypto race this week.

Is Bitcoin Losing Out to Ethereum Among Institutional Investors?

Investors may want to trade in their Bitcoin for Ethereum, as ETH has proven to be the bigger gainer this week. While Bitcoin is up 1.11% for the day, Ethereum once again outpaces it with a 2.90% increase. The Ethereum price is currently at $2,985 (ETH/USD).

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Over the last week, Ethereum has grown by 5.55%. Bitcoin, on the other hand, has fallen by 0.91% in that same timeframe. Despite Bitcoin’s higher ranking, it is Ethereum that is proving to be a better investment for now.

Ethereum’s market cap has grown slightly- 2.86% in the last 24 hours- but it should not be enough to slow it down and cause an oversupply issue. Ethereum’s app-based platform is chugging along and performing fine.

It is the coin where most of the attention is at, though. More exchange platforms are carrying Ethereum than ever, and it is easier to use and make payments with than it has been in the past. Ethereum is even available on PayPal, one of the most used online payment services.

Ethereum’s Price Forecast

Traders should mostly look at economic indicators for now to try to figure out where Ethereum is going. The broader cryptocurrency market will help determine its trajectory. As the market does well, Ethereum will enjoy a boost. But global economy issues will affect the coin too.

Inflation is mostly flat at the moment, with banks around the world working to hold back on interest rate cuts so that inflation can naturally decline. While major economies like Japan are in technical recession, the US, UK, and Canadian economies are making a long, slow trudge to recovery.

The crypto market is very active right now, and with Ethereum enjoying an upward trajectory, we could see it easily pass $3,000 resistance level in the next few days.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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