Ethereum Leading Move in Cryptos

0
453

Forget about Bitcoin. Suddenly Ethereum’s on fire.

ETHUSD hit new highs for the second quarter this morning and remains the best performing major cryptocurrency on the TradeStation platform. Others including Bitcoin futures (@XBT), Litecoin (LTCUSD) and Bitcoin Cash (BCHUSD) remain trapped in their consolidation zones from the second half of April.

There don’t seem to be any headlines fueling the move in ETHUSD. If anything, recent news had been negative after the Wall Street Journal cited the possibility of increased regulation for the token.

Ethereum was invented as a system for applications to dynamically share resources across a decentralized computer network. While the extent of its current use is unclear, it’s interesting that the present rally takes place amid a boom in cloud computing.

In summary, Ethereum helped kick off the current run in cryptos, and is leading the pack once again today.

Ethereum, Bitcoin percentage chart comparing performance since early April
Advertisement

Previous articleDon’s Notebook May 3, 2018
Next articleSome Good, but Mostly Ugly: Earnings This Week
David Russell is VP of Content Strategy at TradeStation. Drawing on nearly two decades of experience as a financial journalist and analyst, his background includes equities, emerging markets, fixed-income and derivatives. He previously worked at Bloomberg News, CNBC and E*TRADE Financial. Russell systematically reviews countless global financial headlines and indicators in search of broad tradable trends that present opportunities repeatedly over time. Customers can expect him to keep them appraised of sector leadership, relative strength and the big stories – especially those overlooked by other commentators. He’s also a big fan of generating leverage with options to limit capital at risk.