ETH took over at the beginning of the new month, and the second largest cryptocurrency by market value rose to a new full-time of $ 3,338. This has led many analysts to shout that the new “all-currency season” has begun. Meanwhile, the Bitcoin (BTC) price continues to resist resistance at $ 56,000 to $ 58,000.
Cointelegraph Markets and TradingView data show that since the price of ether dropped as low as $ 2160 on April 25, it has risen 54% to a new all-time high of $ 3,324 on May 3 with a 12% gain on Monday. Alternative currency over $ 3300. … for the first time in history.
4 hour ETH / USDT chart. Source: TradingView
While most cryptocurrency traders celebrate the eruption of the ether price that helped lift co-founder of the Vitalik Buterin project into the billionaire’s crypto club, bear traders are facing huge losses as all 76,000 sets expiring on April 7 will be useless if the Ether price stays higher. From $ 3100.
And Ether has not only shown good results recently. Over the past two months, the altcoin market as a whole has increased in value by 119% and made the peak of 2017 a new level of support.
HODL Ether high prices
Since the end of 2020, the amount of ether has increased in the long run since the end of 2020, according to Glassnode, a web analytics company, and it may be a factor contributing to the month-long rally.
Ethereum HODL waves. Source: Glassnode
The chart above shows “Ethereum HODL Waves” that “currencies appear to have matured from 1 week to more than 6 months from the end of 2020 (blue arrows)” with “a fraction of the coins between 1 and 6 months old”. Gradual increase in thickness, indicating that HODLing coins accumulated in an early beef market is still the preferred strategy. ”
Glassnode also indicated that a significant amount of ether was removed from exchange wallets in 2021, with 10 withdrawals of over 200,000 ethers per day in just 4 months as institutional demand increased and the use of decentralized financing (DeFi).
Ethereum offers in smart contracts versus balance on stock exchanges. Source: Glassnode
As you can see in the chart above, the amount of Ether stored in the stock exchanges has decreased since September 2020, in connection with a marked increase in the amount of Ether stored in smart contracts for decentralized financing.
Currently, the amount of Ether blocked in smart contracts exceeds the amount held in central foreign exchange reserves.
Altcoins currently outperforms Bitcoin
As Bitcoin continues to struggle to achieve a daily close of over $ 58,000, altcoins continue to serve as an argument for a new alternative season.
Daily indicators in the cryptocurrency market. Source: Coin360
Waves (WAVES) was the star of the day, with the premium price rising 41% to a full-time high of $ 36.41. Ethereum Classic (ETC) also rose 15% to a new full-time high of $ 50.90.
After growing 17.84% to $ 5777 over the past 24 hours, Maker (MKR) is now the leading decentralized financing protocol (DeFi) with a total closed value of $ 10.92 trillion.
The total market value of cryptocurrency is now $ 2.29 trillion, and Bitcoin’s dominance is 46.6%.