ETH, the largest alternative currency by market value, reached its full-time high on April 22nd, despite the bearish phase that engulfed Bitcoin (BTC) and other cryptocurrencies.
1-hour ETH / USD candlestick chart (Bitstamp). Source: TradingView
Ether price claims a new record
Cointelegraph Markets Pro and TradingView showed that ETH / USD hit $ 2,600 for the first time on April 22nd, with a daily gain of 9.2%.
Against Bitcoin, Ether caught fire and reached 0.047, the highest level since August 2018.
ETH / BTC Weekly Candlestick Chart (Bitstamp). Source: TradingView
The second largest cryptocurrency emerged more and more from the rest of the day, as Bitcoin continued to consolidate at a lower level, and other alternative currencies had painful effects.
Consequently, analysts and investors, already encouraged by past actions in this year’s “swing season”, are quite optimistic about the short-term outlook.
Real Vision CEO Raoul Pal told Twitter followers: “To be honest, I look at the ETH / BTC chart and I see a huge round bottom with a potential big explosion right above.”
“When you value something in DeFi, NFT, common tokens, or even metaverse worlds, everything is priced mostly in ETH, including designer time, etc. ETH quickly becomes the digital world’s currency, and BTC is the original security and baseline Level. ”
Pal noted that Ether has shown higher growth rates compared to Bitcoin recently, which is part of a trend in which ETH / USD significantly outpaces the increase in asset prices in March 2020.
Commission is unstable as alt currencies appear after diving
As Cointelegraph reported, the overall strength of altcoins this month has already been reflected in the shrinking of Bitcoin’s dominant market value, which fell below 50% for the first time in nearly three years.
Events like these tend to trigger the densest part of “alternate seasons” when tokens quickly climax before subsiding.
However, recent ETH earnings provided a predictable return as gas fees for sending transactions began to rise that day, a timely reminder for those who were taken on guard in the earlier stages of the beef market.
Payment schedule for air gas. Source: Ethereum price chart.
Other concerns about the overall strength of the market included caution of professional traders based on Ether derivatives signals.
Meanwhile, at the time of writing, other altcoins are starting to show signs of life, including Litecoin (LTC) and Chainlink’s LINK, which are up around 6.5%.