Ethereum is the second-largest cryptocurrency by market cap in the world. The status of Ethereum has not changed for many months. The first position in the crypto market has always been reserved by Bitcoin. However, there have been investors who believe that Ethereum has the power to outperform Bitcoin and get to the top rank eventually.
During the last 24 hours, Ethereum prices have reached $4,600 per token, and investors believe that the rally is going to keep soaring well into the first quarter of 2022. Since the beginning of the current year, the price of the silver cryptocurrency has been appreciated by 950%. This cryptocurrency is favored by many developers and institutional investors due to its use cases and utility.
Ethereum will Dominate European and American Markets
The beast of Ethereum is all pumped up and ready to blast through gates and limits in the crypto market in the upcoming year. This is not a novel idea of any crypto investors but the feedback from a researcher of Pepperstone Brokers, Chris Weston. Pointing out the current rally of Ethereum, the broker claimed that it would soon dominate the European and American market.
Weston was speaking to journalists at Reuters when he said that at the current stage, the Ether token is looking very strong and undefeatable. He further explained that the main cause of this new rally formation is the technical upgrades that the blockchain project has decided to implement this year. It seems that the big players in the financial industry also want to work with Ethereum on innovative projects.
The digital exchange markets are providing a good view of the mainstream debut for cryptocurrencies and new types of altcoins this year. Many new tokens have been able to show a lot of progress and growth, when major cryptocurrencies like Ethereum, XRP, ADA, and Bitcoin have been performing well on the crypto leaderboard.
The biggest gainer among the altcoin tokens is the satirical crypto token called Shiba Inu. This token is an imitation of the joke coin Doge and has been catching the attention of the investors due to regular social media mentions and market speculation. Weston claims that investors wait for the time when tokens enter into a rally, and they want to make more purchases to keep the Ether bull alive.