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Ethereum Outperformed Most Altcoins Since March, Surging By 88%

05/18/2020
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Ethereum outperformed most altcoins since March after it surged by 88% and is still going strong over the past few days as we can see in the Ethereum price news.

The second-biggest cryptocurrency did far better than almost any other financial asset over the past few weeks. Since March 13, the price level of $106 now reached $200 which is a gain of 88%. According to the data from Coinmarketcap, Ethereum is the second-most valuable cryptocurrency by market cap and has a value of $22.4 billion. The daily trading volume of Ethereum stands at $14.4 billion after Ethereum outperformed most altcoins.

In the meantime, the long-awaited Ethereum upgrade known as the Ethereum 2.0 could boost the bullish trend. Ethereum 2.0 stands for a fundamental shift in the originally designed structure from the proof of work model to the proof of stake model.  The ETH foundation researcher, Justin Drake, wrote on Twitter about ETH being long overdue for an upgrade:

 “Ethereum 2.0 could have been launched a year or two sooner had the team decided to make things easier for themselves, e.g. by going through fewer design iterations.”

Ethereum is a cryptocurrency that was designed for decentralized applications and smart contract deployment.  As per the recent Ethereum price news, we found out that the top cryptocurrencies such as Bitcoin and Ethereum could be still up by 100% from the March lows but the past weeks were rough for the crypto market. The prices haven’t crashed as to say but the cryptocurrencies started printing technical signs on their charts that show a downside is possible.

While both ETH and Bitcoin got strong technical improvements since the last bull run in 2017, the gas cost of these blockchains still can’t handle a lot of stress without the fees going crazy high. This was made perfectly clear over the past few days as many noted that the average transaction fees on both ETH and BTC have skyrocketed. There’s no way to tell if this clog is going to continue over the year. Reddit is aiming to roll ETH tokens on the ETH mainnet which could clog the blockchain even more. The innovators, however, are coming up with the solutions for the network clog.

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