The last 24 hours saw a drop in the prices of various cryptocurrency. Ether is one of the worst-hit coins as it lost more than 12% in the last 24 hours. The past 24 hours saw Ethereum record an intraday low of $2,050 and a high of $3,012.
During the price drop, ether market cap dropped to as low as $240 billion. As of the time of writing, the crypto second largest coin is trading above $2,600 a sign of recovery from the bloodbath it suffered in the last 24 hours.
As of press time, ether market cap is a little above $310 billion, less than $60 billion short of half the current size BTC. Many traders have talked about ethereum, flipping crypto firstborn and becoming the largest coin.
A flip will not take place now as BTC is surging at an increased speed than ETH. While, on the other hand, the number two ranked coin by market cap is having a rather not up to par, a sluggish price hike.
Ether still has the potential to have more than half the size of the Bitcoin market cap before the year ends. Recent reports are indicating decreased concentration on the king coin. Following the price retracement BTC had, some major institutes dumped bitcoin for gold.
This may result in a slow recovery for the crypto largest coin when it gets as high as $45k. Ether may experience a massive surge as buyers will increase the amount of this digital currency they hold.
More institutions are also set to invest in ETH in the coming days as they seize the price correction as a sign to join the market. These bullish actions will ensure ether surges faster than BTC and possibly hold a market cap is roughly have the size of BTC.
Ethereum may also record a new all-time high above $6,500 at the end of the year. The next few weeks will see crypto second-largest rise above $3,000 until a test at $4,000 take place.
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This article is Originally posted on CoinCentral.com
Author: Gideon Geoffrey