Ethereum outshines Bitcoin in cryptocurrency horse race, price may have further to run

Ethereum outshines Bitcoin in cryptocurrency horse race, price may have further to run

Ethereum (ETH-USD) is defying broad underperformance in cryptocurrencies, with its recent price gains reflecting a surge of interest in smart contract platforms that are being rapidly co-opted by the nonfungible token (NFT) boom. 

Amid newfound investor interest, the digital coin's performance has even eclipsed Bitcoin’s (BTC-USD), which has languished for over a month after setting a new record high near $68,000.

Currently trading around $4,400, Ethereum is the second largest cryptocurrency by market capitalization. Like Bitcoin, ETH has morphed into something of a reserve currency of its own for crypto investors. That also might mean headwinds for the asset over the longer term, not to mention an opportunity for competing blockchains.