As Bitcoin trend upwards, altcoins started seeing greens as well but yet again has turned red. Top cryptos are down between 1 to 3 percent range as total market cap takes a slight slide down to $184 billion.
ETH/BTC To Outperform BTC
After XRP which is in the red, Ethereum has recorded the least gains of just about 21 percent till date in 2019. Currently, it is trading at $164.55 with 24-hours loss of 2.63 percent, however, crypto analyst Benjamin Blunts says ETH/BTC would outperform Bitcoin soon.
Starting a new $ETH thread. will link old ones below.
Large cap alts are picking up and ethusd looking very much impulsive. if my ethbtc count is on point it should start outperforming $BTC soon aswell.
alts should shine once btc cools down, ideally trading in a sideways W4. pic.twitter.com/V7cPpdRI9b
— 🌲BenjaminBlunts🌲 (@SmartContracter) May 4, 2019
While the price is yet to see action for Ethereum, development wise, things seem to be taking a turn for the good as according to latest reports, the first-stage transition to a proof-of-stake (PoS) consensus algorithm could be completed by June 30.
In a biweekly call of Ethereum core developers on May 2, Ethereum researcher Justin Drake shared that the team is expecting to prepare code specification by June end.
“We’re still very much on track. Still, [code] simplifications are coming through, which is great and the process of fine combing is also for finding these final bugs,”
Meanwhile, in another event, leading crypto exchange Bitfinex is witnessing a drop of 50 percent in its Ethereum storage as Twitter users Andrew Rennhack said,
“Bitfinex ETH cold wallet has declined by 40% in the past week. 800k ETH or $150M has left. There’s only 1.1M ETH left or ~180M USD left at current ETH prices (which will not be this high for very much longer). This is a good old fashioned bank run folks.”
Altcoins Will Shine Once Bitcoin Cools Down
At the 2019 Paris Blockchain Conference, Le Crédit Agricole announced
it would soon launch a cross border remittance program on Ripple in the conference program. They tested Ripple w/ Swiss regional banks in early 2018. #XRP https://t.co/SsU0EyzIK8 pic.twitter.com/ByZZcYE5S9
— WrathofKahneman (@WKahneman) May 3, 2019
Till date in 2019, a few altcoins like Binance Coin (BNB) has surged more than 280 percent while Litecoin and Tezos have soared over 150 percent. However, there are only a few that are seeing significant gains.
Before Bitcoin surged in early April when altcoins have been seeing considerable greens, it has been projected that has been an alt season. However, once BTC started climbing upwards, though altcoins moved up as well, they didn’t see much gains.
But as Blunts has shared, once Bitcoin cools down and starts trading sideways, altcoins will find their rhythm and gain momentum. Ethereum looks primed to surge while Litecoin’s upcoming halving event is working in its favor. Now, it would be interesting to watch, after BNB which has already surpassed ts all-time high (ATH) last month, which altcoins will move closer to their peak.