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With the cryptocurrency market starting to swing the sword against the bear, Ethereum [ETH], the second largest cryptocurrency in the world, is showing a major hike. At the time of writing, Ether was up 4.28%, trading at $ 208.17, with a market capitalization of $ 21.44 billion. Its 24-hour trading volume was $ 1.78 billion.
ETHUSD 1 day chart | Source: CoinMarketCap
In one day, the token took a trip from trading at $ 203 to $ 211, following a rise in prices in half an hour. However, the price is currently lower than its peak of the day.
Over the past seven days, Ether has started trading at $ 204.18 with a market capitalization of $ 21 billion. Soon, the price fell and the token collapsed to a trading price of $ 197.72. He hit the lowest point of the week at $ 195.74 when he had a market capitalization of $ 20.13 billion. This implies that ETH recorded a wipeout of around $ 870 million in its market capitalization this week.
ETHUSD | Seven-Day Price Chart | Source: CoinMarketCap
Ethereum's blockchain platform is currently one of the industry's leading players with over 2,000 dApps powered by the ecosystem. Ethereum also has its joint effort called the Enterprise Ethereum Alliance [EEA]. The alliance has all the big names involved, including JP Morgan Chase, Infosys, Microsoft, Shell, Deloitte, Ledger, Bancor, ConsenSys and Smart Valor.
Founder and CEO of the Tron Foundation, Justin Sun, has also begun to compete with Ethereum. In fact, Sun also asked his followers to abandon Ethereum's blockchain and move to Tron to build dApps. In a recent tweet, he has published:
"Yes! Please stop the implementation of d-app on Ethereum and immediately migrate to the #TRON network! We are 100 times faster than #ETH and are fully compatible with #ethereum.We guarantee 100% better experience user! "
However, Ethereum's dominance in the adoption of the blockchain has not yet been broken. Even Tron, who is currently competing with Ethereum, was initially supported by his blockchain until his migration at the start of this year.
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