Ethereum Price Watch: Currency Jumps by Nearly $20

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At press time, the second-largest cryptocurrency by market cap and the number one competitor to bitcoin is up by almost $20 from yesterday, and is now trading for $451. The currency has managed to break the $450 line, suggesting that present resistance has been overcome and Ethereum is on a potential path towards recovery.

The currency is not alone in its present ascent, as it was joined by bitcoin early this morning. Currently, the father of crypto is up by about $100 since yesterday afternoon, and it appears all major forms of digital currency are moving up the financial ladder.

ETHUSD: ETHUSD: it has an unfinished job

It has been asked by many if EOS – long touted as an “Ethereum killer” – will eventually take over the currency or knock it from its current spot in the crypto arena. EOS presently stands as the fifth-largest cryptocurrency by market cap, beating out entities like Litecoin, which has since been moved to sixth place.

Recently, the EOS network surpassed Ethereum in terms of daily transaction volumes, and thus far, the currency seems to be doing quite well. EOS enjoys roughly 727,334 transactions per day. It also enjoys a very high “per-second” transaction rate, which Ethereum co-founder Joseph Lubin says he would like to improve upon. He states that he would eventually like to see Ethereum handling as many as thousands of transactions per second, though at press time, the technology is not strong or mature enough to handle such a large capacity.

Presently, EOS performs about 50 percent more transactions per second than Ethereum does. The latter’s daily transaction volume of 593,437 is clearly rivaled, and Ethereum also has several alleged unconfirmed trades under its belt.

However, EOS has been criticized in the past for its centralized governance model, meaning it prevents competition and “fair game” in the crypto space, and one source mentions that Ethereum merely suffers from overcrowding, which is preventing it from keeping up with EOS, a currency that’s still relatively new. It further states that EOS is not an “Ethereum killer,” but simply an object of hype from those who would compete with the former.

Lubin says that he’s not too worried about where Ethereum will go, nor is he concerning himself with the price. He states that in the past, the price has always “fixed itself,” and that it will do so again in the future:

“The price started at 20 – 25 cents a few years ago, and it surged quite dramatically from there. It makes a lot of sense that general fear-greed dynamics tend to cause overshoots and corrections, so we’re in great shape.”

Ethereum Charts by TradingView


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