thecoinrepublic.com
- Ethereum is maintaining its momentum despite competition
- Ethereum had garnered as much as 32% market share
- Ethereum is charting its course and coming out of Bitcoin’s shadows
Crypto Analyst Nicholas Merten feels that the value of Ethereum is all set to explode. Nicholas Merten does not base his assumption on price analysis. Instead, he thinks that the number two cryptocurrency price surge is based on what the market dominance shows. When the cryptocurrency market dominance is measured, it hints that Ethereum is all set to surge phenomenally.
Crypto Analyst Nicholas Merten sees a remarkable similarity between current market trends to what was done in the market back in 2017. In 2017 the market was strongly bullish. However, it fizzled out, and it turned distinctly bearish by the middle of the year 2018. The current trends in the market of higher lows were the mirror image of the cycle of 2015 when Ethereum had started to show momentum in the market.
Ethereum is maintaining its momentum despite a host of adverse circumstances
The momentum of Ethereum, which started in 2015, continued straight through 2016 and into 2017, leading up to the bull cycle that had begun in November 2017. Ethereum is maintaining its momentum despite competition and a host of adverse circumstances. As a result, it continues to hold market dominance around the 19% to 20% range.
Merten pointed to the critical metric and said that the testing was around that 20% range. One-fifth of the market share going towards Ethereum
The Key to another surge
Market dominance is an important metric that can gauge how the price of a coin is going to do in the crypto market. Bitcoin continues to hold steadily to its number one position and maintain the majority market share. BTC continues to be the most valuable coin in the market.
However, Ethereum is also grabbing a large chunk of market share, and there is no doubt that ETH is becoming more of a valuable asset. At one point, Etheruem had raked in as much as 32% market share. It reveals that the number two cryptocurrency is gaining value ahead of other coins in the market.
Another fact which is favoring the surge of Ethereum is much younger crypto than Bitcoin. Ethereum has recently completed its fifth year of existence and continues to outperform the number one crypto coin Bitcoin even though it is twice as old in the market.
Merten said that one must observe this critical metric. Once the level, which is a huge psychological level, is breached, the entity climbed up here to 32% market dominance, an over 50% increase of previous market share ownership.
Ethereum coming out of Bitcoin shadows
Ethereum continued its upward surge, and it seems that the cryptocoin is finally coming out of the shadows of Bitcoin. Bitcoin prices experience dips after its latest rally. The price of ETH is currently up 7.45% in the last 24 hours, to be trading at $2,678.06
