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.
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.
— Binance (@binance) February 22, 2021
On Monday, Binance suspended ETH withdrawals citing congestion, which were resumed the same day.
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