For so long, it was believed that the dominance of Bitcoin shadows Ethereum, Ripple, and other cryptocurrencies that are also known as altcoins and that whichever way the market seems to shift with Bitcoin, these currencies will do so too. But the recent developments in the crypto market have put these auto speculations on rest because Bitcoin has been trading with a bearish run all week long, but the other cryptocurrencies such as Ethereum have not shown any signs of weakness or price drop. It did drop from an all-time high of $2600 a few weeks back but now has gained some traction with the current lowering of the transaction of fees on the Ethereum blockchain due to the lowering of the gas prices and such.
Altcoins Move Independent of Bitcoin
It shows that other cryptocurrencies have their own problems, merits, and such to deal with and are not entirely dependent on the movements of Bitcoin. The gas fees have dropped because traders are not taking much interest in the crypto market due to the latest Bitcoin crash and such; it seems that Bitcoin is affecting the flight of other cryptocurrencies one way or the other. But then this is a good thing as the transaction fees got lowered, more traders came swarming on Ethereum’s blockchain making trades, which did bump its price up.
Talking about the market dominance Ethereum is up 3% while that of Bitcoin continues to decline due to the current hash rate declines and the US government’s jump off the tax gun on wealthy capitalists. This has made Bitcoin a bit skeptical among the investors, and some of these tethered ones are now rallying towards Ethereum hence the surge in its price. At present, Ethereum blockchain infrastructure is going with some of the upgrades which are destined to bring out the crashes and the occasional rise in gas prices. The Belkin upgrade has been completed, and the improvements that it has presented are exceptional, and the London upgrade is locked and loaded to happen in early July this year. This only means more stability for Ethereum’s infrastructure and incredible trading volumes in the future.