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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.

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. 

© 2021 Benzinga does not provide investment advice. All rights reserved.

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