While most eyes will be glued to Bitcoin and its monumental rise in price since late December of 2020, there are also spikes in price across a number of major altcoins as well. These altcoins seem to be cashing in on the positive crypto sentiment, as well as showing their own value and worth.
Two programmatic blockchains are in the spotlight at the moment as Ethereum looks to break through its previous all time high — now only a few hundred dollars away. Additionally, Cardano has managed to overtake Bitcoin Cash in terms of market cap to sit in sixth on the list with a cap of over $10 billion.
Ethereum’s latest push, ahead of its own version 2.0 rolling out, has also seen it break into a mainstream metric as it now ranks 88th on a list of the top 100 traded assets by market cap. Sitting above UPS and just below SoftBank, the crypto is in good company.
Ethereum on the rise
While often seen as competition to Bitcoin, Ethereum is on a very different path, but its price trajectory is as pleasing as Bitcoin’s in recent times. The coin sits just under $1,200 — a figure not far off it’s all time high seen in early 2018.
Ethereum is up 62% in 2021 alone. This year’s gains translate into a $53 billion increase in Ethereum’s market cap, enough for it to overtake the market cap of several household conglomerates, including Wells Fargo, AstraZeneca, Philip Morris, Morgan Stanley, and Citigroup.
Cardano showing promise
A more direct competitor of Ethereum, Cardano, has also been making moves as it is now ranked sixth in terms of market cap and has overtaken Bitcoin Cash, as well as a similar competitor in Polkadot. Cardano price surged by more than 100% this week alone.
There are two major factors behind ADA’s strong upsurge throughout the past several weeks. First, most major cryptocurrencies saw large rallies following BTC’s uptrend to $36,400 and Cardano has some important network upgrades lined up in 2021 following the launch of the Shelley mainnet in 2020.
Considering the significance of this network upgrade, the market sentiment around ADA appears to be improving. Researchers at Binance Academy said:
“As of December 2020, functional smart contracts cannot be deployed on the blockchain platform. As part of the roadmap, this will roll out as a part of the Goguen update. Following Goguen, the Basho era focuses on optimization of scalability and interoperability, and the Voltaire era introduces a treasury system to address governance.”