Cryptocurrency Update: Ethereum nears Bitcoin, ETC, Dash

The seismic shift that has been going on in the cryptocurrency market accelerated in recent days, as Ethereum gained significant ground on Bitcoin. Bitcoin lost more than 10% yesterday after kissing the $3000 level, and falling as far as $2500 intraday. The market cap of ETH is jumped higher in the meantime, as the currency neared $400 and remained strong amid the broad correction during the US session.

Ethereum currently sports a market value of $34 billion, while Bitcoin is down to $43 billion according to Coinmarketcap. The difference is now only 30% compared to Ethereum’s value while it was almost 100% only a week ago.  Several analysts have long been calling for a takeover between the two coins (The “Flippening”) and now it seems that the event might be closer in time than most investors expected, with Bitcoin’s market share now down to 40% of the total crypto-market and Ethereum’s share up to around 30% in the meantime.

What do you think? Will the Flippening happen? And if yes when? Let us know your estimate in the comment section.

Ethereum/Bitcoin

ETH/BTC, Long-Term Analysis

The recent performance of the two majors has been diverging since the end of April, as we can see on the ETH/BTC chart, when Ethereum started a move higher from the 0.04 level. The pair then surged above the 0.10 level in late-May, and moved even higher in the past three days, when ETH surged past the $250 level in the Dollar pair.  With the current number of outstanding coins, the two currencies would be at parity around the 0.177 level.

Ethereum Classic

ETC/USD, 4-Hour Chart Analysis

ETC also confirmed its relative strength that we pointed out in our recent update, as it is back above the break-out point following the swift correction yesterday in late trading. Ethereum Classic got close to its previous high near $23 after jumping higher on Sunday, and it is trading near $20 this morning after climbing back in the rising short-term trend channel.

Dash

DASH/USD, 4-Hour Chart Analysis

The third major currency that is trading near its weekend highs is Dash that only re-tested the break-out level near $150 on Monday and now it is once again at $180, just 10% off the maximum level. The currency is well inside its long-term uptrend and it still seems to be poised for a move above $200 in the coming days.

Featured image from Shutterstock

Author:
Trader and financial analyst, with 10 years of experience in the field. An expert in technical analysis and risk management, but also an avid practitioner of value investment and passive strategies, with a passion towards anything that is connected to the market.