Ethereum’s recent bullish momentum has pushed its price step by step to its recent all-time high.
In fact, less than 24 hours ago, with the exception of Bitcoin, the world’s largest cryptocurrency successfully reached the $2,800 mark on the price chart, and as of press time, the trading price of ETH is still close to that level.
Although this kind of surge is expected in the cryptocurrency market due to the strong fundamentals of Ethereum, it also forces people to ask a question, what has happened to Bitcoin in the market, and can its previous leadership ability be maintained?
It is a well-known fact that Bitcoin plays a dominant position in the crypto market. The last price adjustment faced by non-mainstream cryptocurrencies was when BTC fell below the $50,000 price level. Since then, although many non-mainstream encryptions have achieved an encouraging recovery, they have even reached new highs.
However, the price of BTC continued to oscillate around the resistance level of $55,000, which is the exact opposite of what many people think of the price trend of BTC in April.
According to data provided by Santiment, BTC’s dominance in mainstream cryptocurrencies like ETH is now declining. The data points to how Ethereum has narrowed the gap in Bitcoin’s dominance over the past few months.
As BTC continues to struggle, with the arrival of the latest ATH, this may indicate a slight change in the way the crypto market operates.
In the downtrend last week, when ETH found itself also in a down state, the price dropped to about $2,200. But it quickly achieved a rebound. What’s interesting is that within a similar time frame, the activity of Ethereum addresses has also increased significantly, which eventually led to the price reaching the new ATH.
For traders, the bullish outlook for Ethereum is worthy of recognition, because despite the high price, ETH does not seem to be susceptible to short-term price corrections.
Instead, many ETH investors have held the digital asset for more than a year and are confident in its long-term prospects, and even this trend may continue.
On the other hand, the Ethereum network is also very secure. According to the data of Glassnode, the hash rate of Ethereum has reached the new ATH in these two days. In the past few months, this situation has been increasing, and the continuous ATH seems to be increasing according to the cycle.
In addition, for most traders, Ethereum is still a lucrative “target of choice”, and its high price can rebound faster than BTC. Glassnode also reported that the number of profitable ETH addresses (7d MA) has just reached another new high of 57,488,552.762.
The combination of these indicators shows that Ethereum still has good bullish expectations this month.
If not hindered by the market turmoil caused by Bitcoin, Ethereum may continue to maintain its own growth, which also proves that non-mainstream cryptocurrencies may reach the coveted $3,000 price range in the next few weeks. Sex.
Author/ Translator: Jamie Kim
Bio: Jamie Kim is a technology journalist. Raised in Hong Kong and always vocal at heart. She aims to share her expertise with the readers at blockreview.net. Kim is a Bitcoin maximalist who believes with unwavering conviction that Bitcoin is the only cryptocurrency – in fact, currency – worth caring about.