Has Ethereum price reached its all-time high?

  • 27 February 2021
  • 229 View

On January 19, 2021, Ethereum prices hit a new level of all-time high, jumping 14 percent in the past 24 hours to over $ 1,400.

According to Coindesk, the price of Ethereum reached a new historical high just one day before. Each unit of this digital currency was trading in the range of $ 1,435. Before this leap, we saw the volume of daily transactions increase to $ 3 billion. Ethereum prices have risen about 20 percent in the past week. On the other hand, in recent days, many famous people in this field have evaluated the condition of Ethereum positively.

ETH monthly chart

ETH monthly chart

What are the reasons for strengthening Ethereum?

Including the recent jump, Ethereum market value has reached $ 162 billion. Meanwhile, Bitcoin has a share of 64.5%, and Ethereum has a market share of 15.25%. If the price of Bitcoin remains in a limited area, Altcoins are likely to continue their strong uptrend.

However, experts believe that the launch of the Ethereum 2.0 update caused the strengthened upward trend for this cryptocurrency. This update is supposed to increase the scalability of the network. Other benefits of Ethereum 2.0 include faster transaction speeds and lower fees.

BTC and ETH market cap

BTC and ETH market cap

Do the recent Ethereum fluctuations have good consequences?

The price of Ethereum has outperformed Bitcoin over the past few weeks by increasing momentum. Ethereum, along with the limited and transverse fluctuations of Bitcoin, has recovered its historical price ceiling of $ 1,440 during the trading day of 19 January.

The price of bitcoin is trading in a tight range within a flag pattern. Data from Cointelegraph and TradingView show price fluctuations in the range of $ 34,955 to $ 37,850 over the past few days. We can analyze these movements that buyers, who enter the market with each price drop, now start trading with less certainty than the uptrend.

Ethereum, on the other hand, has been steadily increasing since the second quarter of last year. Ethereum is now priced at $ 1,410 on January 19 from its $ 100 floor. Besides, since the beginning of this year, with a growth of more than 80%, far from the 26% efficiency of Bitcoin, it has brought better results for investors.

High rank of ETH in the market

High rank of ETH in the market

What are the reasons for the recent fluctuation of Ethereum?

From a fundamental point of view, there are three main reasons for Ethereum to overtake Bitcoin:

  • Accelerate the growth of the Ethereum network,
  • Improving emotions around the DeFi domain
  • Bitcoin low price fluctuation period.

Nowadays, more programs and tokens are built on the platform of the Ethereum network every day. We can say that this will affect the acceleration of Ethereum price movements.

Recently, the price of DeFi tokens such as Aave and SushiSwap has been rising rapidly. Part of the rise was due to the rapid growth of total locked value (TVL) in the decentralized finance market. This estimates the value of the capital deployed in the Defy protocols. With $ 24 billion in assets, DeFi-locked capital is more than ever.

Over the past few days, Bitcoin has entered a consolidation phase with low volatility. These moves have allowed many altcoins to offset their growth against bitcoin, leading to increased demand for currencies with lower volumes and liquidity.

While Bitcoin has entered side trades and its price is stuck in a restricted area, cryptocurrency experts expect Ethereum to rise and follow Bitcoin’s parabolic move. In the last few hours, Ethereum has managed to break up its bitcoin and dollar pairs. On 20 January 2021, the price of this currency was around $ 1380. Currently, the total market value of cryptocurrencies is about $ 1.06 trillion, and the bitcoin dominance rate is 65.7%.

3 responses to “Has Ethereum price reached its all-time high?”

  1. The Stainless says:

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    for providing us better information.

  2. Herve Fodouop says:

    Good informations

  3. Yanga Jili says:

    What a wow….nice article indeed

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