1 hour ETH/USD candlestick chart (Bitstamp). Source: View of the shop
Ether prices reach new record high
Cointelegraph Markets Pro and TradingView showed that ETH/USD reached $2,600 for the first time on Thursday, following a daily gain of 9.2%.
Against bitcoin, Ether was also at an all-time high, hitting 0.047, its highest level since August 2018.
ETH/BTC 1-week candlestick chart (Bitstamp). Source: View of the shop
The second-largest crypto-currency is increasingly striking as the day progresses, as bitcoin continues to consolidate lower and other alkoins suffer from a painful ripple effect.
As a result, analysts and investors, already encouraged by the earlier actions of this year’s reset season, were resolutely optimistic about the near-term outlook.
Frankly, I look at the ETH/BTC chart and see a huge rounded bottom with a potentially huge breakout on top, Raul Pal, CEO of Real Vision, told his Twitter followers in a series of posts.
When you price something in DeFi, NFT, community tokens, or even in the metavel world, ETH has basically everything figured out, including design time, etc. ETH is fast becoming the currency of the digital world, and BTC is the base and pure security layer.
Pal recently noted Ether’s superiority over Bitcoin, part of a trend where ETH/USD has significantly outperformed Bitcoin since the March 2020 price drop.
Compensation, volatile as all coins, close to the surface as a result of the fall
As Cointelegraph reports, the overall strength of altcoins has already been reflected this month in bitcoin’s decline in market dominance, falling below 50% for the first time in nearly three years.
Such events usually occur during the most intense part of the changing seasons, when the chips experience a rapid spike before cooling down.
ETH’s latest advance, however, came with a predictable reward: gas costs for sending trades began to rise that day, a timely reminder for those who weren’t aware during the early stages of the bull market.
Ether gas charges table. Source : livdir
Other concerns about the overall market strength include the caution of professional traders who relied on signals from Ether derivatives.
At the same time, other altcoins, including Litecoin (LTC) and Chainlink (LINK), are starting to show signs of life and are about 6.5% above other altcoins at the time of writing.
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