Gains in Bitcoin (BTC) appear faint in comparison with Ethereum (ETH) as the latters supply diminishes.<\/p>\n
What Happened: BTC traded 0.13% at $59,285.22 over 24 hours at press time while ETH was up 4.08% at $1,925.03.<\/p>\n
Over a seven-day trailing period, ETH has surged 21.92%, while BTC has moved up 12.77%.<\/p>\n
CryptoQuant data indicates ETH reserves held in all walletsfell to 19.53 million as of March 31 as prices soared over $1,921.<\/p>\n<\/p>\n
ETH Held In All Exchange Wallets Data From CryptoQuant.com<\/p>\n
On Wednesday, OpenSea, a non-fungible token marketplace said it would add support for trading through Immutable X, a decentralized protocol built on Ethereum, which it said would enable zero gas fee.<\/p>\n
Why It Matters: BTC has been losing its dominance as the largest cryptocurrency by market capitalization of late. This week the dominance fell to its lowest since October last year.<\/p>\n
At press time, BTC had a 56.6% dominance, while ETH had 11.7%, according to CoinMarketCap data.<\/p>\n
On Monday, Visa Inc (NYSE:V) announced a pilot to allow transactions to be settled through USD Coin (USDC) on its network.<\/p>\n
Reacting to the development, analyst Michal van de Poppe said on Twitter that Ethereum was going to surprise everyone massively.\"<\/p>\n
He had previously predicted a $10,000 price level for ETH.<\/p>\n
2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.<\/p>\n
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\nWhy Is Ethereum Surging, Outperforming Bitcoin Today? - Benzinga<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"