Nick Spanos explained that due the Bitcoin hash rate drop due to the Xinjang blackout over the weekend, the drop in Ethereum is in tandem with it. But Ethereum is poised to set a new time high at $3,000 before April ending, with its new momentum.
Due to the increasing Ethereum rivalry, some short-term glitches in the bullish narratibe appeared. Recently, plethora of blockchain projects have emerged such as Changpeng Zhao’s Binance Smart Chain, emerged as a viable alternative to Ethereum, promising much cheaper transaction fees and gas costs for projects that work atop their blockchain.
Nevertheless, the prospect that Ethereum would remain the leader of smart contracts held its token from diving into deeper areas. On Thursday, its prices against Bitcoin — the go-to liquidity token of the cryptocurrency market, surged to its 32-month high, showing that traders remained aggressively bullish on its upcoming technical upgrades even against the world’s leading cryptocurrency.