Today, November 05, has seen most altcoins break from the sideways action that has been dominating the market. After starting the month on route to recovering from the price fall from October 29, and the monotonous sideways action that followed, the market is finally soaring on.
In the last couple of hours, we’ve seen Ethereum jump from $203 to $211 in a couple of minutes and although these prices have dropped at the time of writing this, the coin continues to push higher.
In the top ten cryptocurrencies, Ethereum is only second to Monero in the top gainers. Ethereum has soared as high as 4% in the last 24 hours and at the time of press is trading at $208. Monero, at the time of writing this, is the highest gainer in the top ten cryptocurrencies- up by 5%.
Throughout the weekend, Ethereum was struggling to break past the $200 position- even though it had briefly surged to $201 on Friday. Today’s gains have however seen the coin soar and manage to break one of its most notorious resistance levels- $205.
Now, the bulls will be capitalizing on the positive momentum to try and hit highs of $210 in the next couple of hours and find a high support level.
With a market cap of $21.44 billion, Ethereum remains the second largest cryptocurrency in the world, a position it continues to defend despite Ripple’s latest advancements.
So far, Ethereum remains one of the most active and dominant projects in the market offering the largest the biggest Dapp ecosystem. The project also boasts of a joint effort- Enterprise Ethereum Alliance [EEA], which comprises of big names like Microsoft, JP Morgan, Intel, Shell, and Deloitte.
However, although the project has been thus successful the most successful Dapp ecosystem, there is major competition on the rise. Recently, Tron after the launch of their Virtual Machine, through their CEO- Justin Sun, announced that their network would be 100 times faster than Ethereum.
This means they will be addressing Ethereum’s greatest challenge of scalability. If this is solved by Tron It also means that it is highly likely that Tron will be adding much cheaper than Ethereum.
Ethereum has on their part shown that they will not go down without a fight. Currently, the project is working on Sharding- the process of partitioning database to be processed in more than one server, and Plasma- the removal of unnecessary data from transactions.
On top of these solutions, Ethereum’s co-founder, Vitalik Buterin, has continuously promised that the project is working and will continue working to solve scalability on the network.