Now that the Bitcoin price has been on the rise again, the discussion ultimately turns to how Ethereum is doing. Albeit Ethereum has been losing some of its value compared to the Bitcoin trading price, the Ethereum price in USD remains virtually unaffected.
Trading in the world of cryptocurrency is an exciting experience, as there are so many things taking place at once. Now that the Bitcoin price is rocketing over the past few days, there is usually a significant impact on the value of all alternative cryptocurrencies. Traders are keeping a very close eye on the Ethereum price as Bitcoin is going up in value, but so far, the impact seems to be minimal.
Ethereum Price is Not Dropping Per Se
Depending on how one wants to look at the charts, the Ethereum price is either dropping like a stone or remains virtually unchanged. As the Bitcoin price keeps going up, it is only normal to see the ETH/BTC trading markets taking a hit. So far, this market segment has taken a nosedive over the past few days, which does not come as a complete surprise.
However, a lot of people may have expected a far bigger price dip, which has not occurred just yet. Trading volume for Ethereum seems to be holding its own as well, with over 71,830 Bitcoin in trading volume over the past 24 hours. That being said, it is not unlikely the downward Ethereum price trend will continue while Bitcoin remains bullish.
Looking at the Ethereum price in the USD segment very little has changed over the past few days. In fact, one might argue the Ethereum price has only seen a marginal dip over the past few days. This is a significant factor to keep in mind when talking about the Ethereum price, as the value in fiat is not following the same trend as the Bitcoin trading markets so far.
Will This Trend Hold?
The Ethereum market cap is holding its own fairly well too, so far. Albeit the total market cap has dipped slightly below US$1bn once again, this is not a significant change compared to a few days ago. It is important to keep in mind the market cap for Ethereum is expressed in USD as well, so it makes sense to see the value not drop by much.
That is the central question for Ethereum traders right now. While it is good to see the currency being very resilient during this bullish Bitcoin price trend, it is impossible to tell if this trend will continue. What is worth noting is how this seems to confirm earlier claims of how Bitcoin and Ethereum are not competing with one another.
Source: Coinmarketcap
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