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Why is Ethereum’s share of the cryptocurrency market growing?

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Ethereum's share

Why is Ethereum’s share of the cryptocurrency market growing?

Ethereum’s share of the cryptocurrency market growing. The largest altcoin by capitalization has been gaining at price in recent days, despite the uncertainty in the industry. This can be attributed to several factors. The main reasons for the growth of the share of Ethereum on the crypto market were described by Bitxmi experts.

Fall of bitcoin

Since the end of June, the share of bitcoin on the crypto market has been falling – from 47% to 44.5%, according to Coinmarketcap. At the same time, Ethereum’s dominance has grown from 16.2% to the current 18.5%. This may indicate that part of the funds flows from bitcoin to ether.

Growth in the last 2 weeks

On June 22, the Ethereum price on the Bitxmi.com crypto exchange fell to a local minimum of $ 1.7 thousand. After that, it began to actively grow, reaching $ 2.39 thousand at a peak on July 5. At the moment, the altcoin is traded at $ 2.3 thousand, in two weeks the growth was 35%.

Pressure on Bitcoin

Until recently, China was one of the leaders in terms of computing power in the bitcoin network. However, the situation has changed after local authorities introduced tough bans on cryptocurrencies. This forced the miners to leave the country. Read more here

May victory for Ethereum miners

In May, Ethereum mining turned out to be almost $ 1 billion more profitable than Bitcoin mining. In the last month of spring, altcoin miners earned $ 2.35 billion, and the first cryptocurrency – $ 1.45 billion.

New Ethereum hard fork

The London hard fork is scheduled for July 21 on the Ethereum mainnet. The update was successfully launched on testnet on June 24th. This could positively impact cryptocurrency quotes thanks to several important changes, including the introduction of a function that will reduce the number of tokens in circulation.

Migrating from PoW Algorithm

Bitcoin has been criticized for being green. The cryptocurrency works on the Proof-of-Work (PoW) algorithm. Ethereum also works on it. However, protocol version 2.0 will be built on Proof-of-Stake (PoS) technology, which does not imply mining.

Positive prognosis

In early June, Bloomberg analysts predicted that Ethereum will surpass Bitcoin in capitalization. Unlike the first cryptocurrency, they explained that altcoin can be used for more than just a “store of value.” Analysts noted that Ethereum is an ecosystem.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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