+ 0.00
+ 0%
+ -0.01
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%
+ 0.00
+ 0%

Bitcoin Might Be Tanking But These Ethereum Killers Are Posting Major Gains Today

February 22, 2021 11:01 pm
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Bitcoin Might Be Tanking But These Ethereum Killers Are Posting Major Gains Today

The rally in number one and number two cryptocurrencies by market capitalization — Bitcoin (BTC) and Ethereum (ETH) — may have toned down but there is still plenty of upwards action visible on the cryptocurrency markets.

What Happened: BTC traded 7.96% lower at $52,250.75 and ETH 10.31% lower at $1,705.45 at press time. 

So-called Ethereum killers, which pack smart-contract features, traded in the green. Solana (SOL) was up 33.26% at $13.96 and Fantom (FTM) was higher by 18.83% at $0.44.

Dero (DERO), MetaHash (MHC), and TomoChain (TOMO) rallied 4.97%, 21.3%, 12.28% at $2.59, $0.0064, and $2.16 respectively, as per Messari data.

See also: How to Buy Ethereum (ETH)

Why It Matters: This month Kent Barton, head of research at ShapeShift, said in a report that scaling challenges have “opened the doors to other smart contract blockchains.”

Cardano (ADA), another speculated ETH killer, added smart contracts functionality in December as a part of its “Goguen” upgrade. ADA traded 1.85% lower at $1.02 at press time.

Rising transaction costs on ETH and delayed confirmations have also buoyed other coins such as PancakeSwap (CAKE) and Binance Coin (BNB) in the recent past.

On Monday, Binance suspended ETH withdrawals citing congestion, which were resumed the same day. 

Related Articles

'Morons,' Banksy's Art Work Burned In Real Life, Sells For $394,000 As A Non-Fungible Token

“Morons,” a now tokenized artwork by the legendary street artist Banksy, has sold for over $394,000 on the Open Sea NFT marketplace. read more

Why Enjin Coin Is Trading 39% Higher Today

Enjin Coin (CRYPTO: ENJ), an Ethereum (CRYPTO: ETH)-backed value coin that gets locked into non-fungible tokens has soared over 39% in the 24 hours period to press time. read more

Doge To The Moon? Mark Cuban Says $1 'Will Definitely' Happen If Mavericks Fans Keep Rolling

Dallas Mavericks owner Mark Cuban said on Sunday that the price of Dogecoin (CRYPTO: DOGE) "will definitely hit" the $1 level if transactions with the joke cryptocurrency by fans retain the momentum. read more

Bitcoin Volatility On Path To Drop Below Amazon's, Analysts Say

What Happened: Annual Bitcoin volatility will drop below that of Amazon Inc. (NASDAQ: AMZN) in a few years if past patterns prevail, according to analysts from Bloomberg. read more