The crypto market recovered after a bloody week, as a result of which the Bitcoin currency fell to a level it had not reached for 7 weeks, and in the recent decline, alternative digital currencies led by Ethereum followed the movement of Bitcoin, and it also declined.
But all that has changed now and most of the indicators are green, with many large and medium-cap digital currencies achieving record numbers, including the Ethereum currency.
The price of the ETH coin hit an all-time high of $ 2,800 in the final hours of April 29, according to TradingView.
According to Santiment, the gap between Ethereum and Bitcoin in terms of total market value is now narrower than ever.
At the time of writing this article, Bitcoin’s share in the crypto market has decreased to 47.9% according to coinmarketcap.
The last time it dropped below 50% was in July 2018.
Ethereum’s market share is currently 15.20%, but it is not as high as it was during the January 2018 cryptocurrency boom that reached 23%.
At that time, many alternative digital currencies such as XRP and LTC were performing well and controlling a strong share of the cryptocurrency market that is also generally.
The market value of Ethereum is currently over $ 320 billion.
According to Companiesmarketcap.com, the market value of Ethereum has now exceeded PayPal’s $ 314 billion.
Ethereum and its passive income effectiveness:
There have been a number of bullish factors driving the recent momentum and rally of Ethereum as highlighted in a recent investor note by banking giant JP Morgan.
Lark Davis, who is one of the analysts and observers of the crypto market, commented that the future economic model of the Ethereum currency will make it very effective in earning passive income, as he pointed out by saying:
The more I thought about it, the more I felt I might never sell Ethereum.
It would be a deflationary asset with a 5% annual bonus, and Ethereum would be at 10,000 passive income monster!
There are several major upgrades awaiting Ethereum following the Berlin upgrade that was launched earlier this month.
The “London Update” is expected to take place next July, which will include a much-anticipated EIP-1559 protocol upgrade that will provide a mechanism for amending the current auction process that sets transaction fee rates.
This protocol will make the effect of modifying fees dynamically so that users pay the least supply, but it may not necessarily lower gas prices if the network is still under a heavy load.
The protocol will contribute to making the Ethereum coin deflationary as well, when the network switches to a proof-of-stake mechanism during Phase 1.5 of the Ethereum 2.0 upgrade.