Bitcoin is the undisputed poster boy of the cryptocurrency world and it has been so for quite some time now. Both in terms of price per coin, which is close to $7000, and the market cap, which exceeds $100 billion, Bitcoin is far ahead of the No. 2 coin in the crypto world, which has been Ethereum for most of the time. Like the faithful servant following the master, ETH prices have generally tended to rise and fall along with the changes in the bitcoin prices. With ETH being the favored crypto for the ICOs as far as their backbone is concerned, there was no question of why it was the second most sought-after crypto.
But, of late, Ethereum has fallen a bit off favor as far as the investors and traders are concerned. Also, with the mining difficulty also increasing in an exponential manner, it has seen the prices begin to taper off. Also, the hard fork which the ETH industry underwent less than a month back could not be called a resounding success as yet as the stability of the network is still under question. This has led to a lot of pressure on the prices of ETH and has led to its market cap dropping over the last month or so from the highs of $36 billion which we had seen in September. We are now seeing its market cap is $32 billion as of this writing.
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