With the cryptocurrency market beginning to swing its sword at the bear, Ethereum [ETH], the second-largest cryptocurrency in the world, is showing a prominent hike. At the time of writing, Ether was up by 4.28%, trading at a bullish $208.17, with a market cap of $21.44 billion. Its 24-hour trade volume was recorded at $1.78 billion.
In one day, the token took a journey from trading at $203 to $211, following a price hike within the span of half an hour. However, the price is currently lower than its peak of the day.
Across the past seven days, Ether started trading at $204.18 with a market cap of $21 billion. Soon, the price fell and the token plunged to a trading price of $197.72. It touched its lowest point in the week at $195.74 when it had a market cap of $20.13 billion. This implies that ETH experienced a wipeout of about $870 million in its market cap this week.
The Ethereum blockchain platform is currently one of the most dominant players in the industry with over 2,000 dApps being powered by the ecosystem. Ethereum also has its own joint effort called the Enterprise Ethereum Alliance [EEA]. The alliance has all the big names involved, including JP Morgan Chase, Infosys, Microsoft, Shell, Deloitte to Ledger, Bancor, ConsenSys, and Smart Valor.
The founder and CEO of the Tron Foundation, Justin Sun, has also started competing with Ethereum. In fact, Sun has also requested his followers to ditch the Ethereum blockchain and shift to Tron for building dApps. In a recent Tweet, he posted:
“Yes! Please stop deploying d-apps to Ethereum and migrate to #TRON network immediately! We are 100x faster than #ETH and fully compatible with #ethereum. We 100% guarantee better user experience!”
However, Ethereum’s dominance in blockchain adoption has not yet been broken. Even Tron, who is competing with Ethereum at the moment, was initially backed by its blockchain until its migration earlier this year.
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