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Tag: ETH

  • Ethereum Hits New All-Time High, Leads the Broader Altcoin Surge

    Ethereum Hits New All-Time High, Leads the Broader Altcoin Surge

    Ethereum reaches new all-time high 

    Ethereum has just achieved a historic milestone – the price of the world’s second-largest cryptocurrency surpassed its previous ATH set on May 12. Just a few hours ago, ETH reached a high point of $4,402 per coin and held a market cap of more than $520 billion, accounting for a roughly 20% share of the total cryptocurrency market.

    Ethereum’s surge to a new peak value came nine days after Bitcoin reached its new all-time high on October 20. The rise in the price of ETH was accompanied by the total market cap surging past $2.65 trillion, close to its highest value to date.

    Ethereum faced numerous hurdles on its journey to a new ATH. After reaching the then high price of $4,365 in mid-May, ETH faced severe selling pressure after the cryptocurrency industry underwent a strong correction at the end of May, which saw ETH drop to $2,350 on May 25.

    Ethereum mounted a strong rebound after falling to a 6-month low on July 21, having gained 155% over the period of three months.

    The bear market continued through the summer – ETH had fallen to its lowest point of $1,728 on July 21. Numerous critics came out of the woodwork to criticize the digital currency, pointing out that the transition to proof-of-stake consensus mechanism is taking too long and that the ETH network, with its high gas fees, is not equipped to handle the high load of a surging non-fungible token (NFT) sector.

    However, the announcement of the Ethereum London hard fork scheduled for August quickly shifted the market’s outlook. Since then, the price of ETH has nearly doubled to reach today’s high point above $4,400.

    On Wednesday, the Ethereum network underwent a new significant update. The upgrade of Eth2 Beacon Chain dubbed ‘Altair’ sets the stage for the eventual merge of the Ehtereum mainnet and Beacon Chain. Altair upgrade will likely be the last significant update before ETH shifts to PoS mechanism.

    Other altcoins have also benefited from the positive market sentiment introduced by ETH’s stellar performance. Notably, memecoins Shiba Inu and Dogecoin have exploded in value over the last seven days, gaining 157% and 19% respectively. With 30% gains, Polygon and Fantom are another two notable benefactors of the ETH-led altcoin rally.

    In general, altcoins are gaining momentum on Bitcoin over the week. BTC dominance has dropped from its 6-month high of 51.4% reached on October 21 to 42.6% at press time.

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  • What Has Changed Since Bitcoin Hit $60K Last Time?

    What Has Changed Since Bitcoin Hit $60K Last Time?

    Key takeaways:

    • It took Bitcoin more than half a year to reach prices this high again
    • In April, the list of the top 10 cryptocurrencies looked a lot different than it does today
    • Altcoins and stablecoins have been gaining popularity over recent months

    Are you wondering about how the market has changed since Bitcoin last hit $60K in mid-April? We’re taking a look at historical market data to see what has changed in the last six months. 

    Notable changes in the cryptocurrency top 10

    Let’s start the comparison by looking at a list of the top 10 cryptocurrencies on April 12. The total market cap had just surpassed $2 trillion a few days before, and Bitcoin was trading above the $60K mark for the second time in history at that point. 

    Like now, the trio of Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB) was occupying the first three spots on the list of largest digital currencies. The first thing that jumps out is that Ethereum was trading far below today’s levels as it had an 80% lower market value than it does today.

    Market snapshot of top ten cryptocurrencies on April 12. Image source: CoinCodex

    Bitcoin dominance was approaching new heights as Bitcoin went on to reach its all-time high price of $64,800 just two days later, on April 14. The 4th to 6th spots belonged to XRP (XRP), Cardano (ADA), and Tether (USDT). Polkadot (DOT) was trading near its all-time high, while Litecoin (LTC) was experiencing a strong rally that pulled its price from $196 on March 25 to $250 on April 12. ChainLink (LINK) and Stellar (XLM) rounded up the top 10 list.

    Altcoins have gained ground on Bitcoin in the last six months

    We’re fast-forwarding to October 15, when Bitcoin managed to again break $60K on the heels of positive news surrounding the first-ever ETF launching in the US. The same trio of cryptocurrencies still sits at the top; however, both ETH and BNB now enjoy a much high market cap. Ethereum’s London hard fork that went live early in August is mainly responsible for the almost 80% price increase.

    Market snapshot of top ten cryptocurrencies on October 15. Image source: CoinCodex

    The remainder of the list has seen some significant changes in the period of the last six months. For starters, XLM, LINK, and LTC have slipped out of the top 10 and have been replaced by newcomers to the list. 

    Solana (SOL) has managed to become the 7th largest digital currency by market cap after gaining a whopping 10,400% since the start of the year. Dogecoin is the first ‘memecoin’ to break into the top 10.

    Stablecoins have been gaining popularity in recent months. USDT’s market cap has increased by a third, while USD Coin managed to join the group of 10 largest coins on a $21 billion valuation.

    While Bitcoin has almost the same market capitalization in our two market snapshots, the total cryptocurrency market cap is 17% larger in October than in April. The reason for this is simple – altcoins have been gaining momentum. For reference, on October 15, Bitcoin dominance was 15% smaller than in April.

    At the time of this writing, Bitcoin is exchanging hands at $63,840 and is just 1.51% removed from its previous ATH. Furthermore, the cumulative value of digital assets has reached a new peak above $2.6 trillion on October 19. Let’s see where this bullish momentum can take us and how it will shape the industry’s landscape over the next six months.

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  • Bitcoin Continues to Rally as Cryptocurrency Market Surpasses $2.4 Trillion

    Bitcoin Continues to Rally as Cryptocurrency Market Surpasses $2.4 Trillion

    Key takeaways:

    • Bitcoin has quickly regained lost ground and has managed to momentarily surpass the $58,000 level
    • Ethereum and Polkadot were among the biggest gainers over the last 24 hours
    • The total cryptocurrency market cap is only 4% away from surpassing its previous ATH

    Bulls had the upper hand over the last 24 hours of trading activity in the cryptocurrency market. The total market capitalization has grown past $2.4 trillion, which is the highest value since mid-May. As such, it is not surprising that only 7 out of 100 largest cryptocurrencies by market cap are trading in the red zone. Here is a quick recap of today’s main market moves.

    Bitcoin momentarily passes $58,000 but the resistance was too strong

    After dropping to $55,000 during yesterday’s market action, Bitcoin has quickly recovered and managed to surpass the key $58,000 resistance level, however, it didn’t manage to hold that price point for long.

    Bitcoin has surpassed $58K on two different occasions during today’s trading.

    Earlier today, the price of Bitcoin has fallen as low as $54,550, before increasing to a 24-hour high of $58,400. BTC has now resumed its two-week-long rally, which saw the world’s largest crypto go from $41,400 on September 29 to $57,530 at the time of this writing. 

    It will be interesting to observe where we go from here. Some analysts, such as the prominent BTC maximalist Tone Vays for instance, are convinced we will see BTC continue to rally and reach $100K by the end of 2021. Interestingly, BTC is the closest to its all-time high price out of the top 100 largest digital assets.

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    Ethereum reaches a 5-week high on the tailwind of a 9% gain

    After Ethereum suffered a nearly 15% loss during a flash crash that wiped out roughly $400 billion from the market due to a cascading effect of ‘long’ position liquidations on September 7, the second-largest crypto took a long time to recover. By the end of September, ETH was still hurting and trading below the $3,000 mark. 

    The trend got reversed with the start of October as ETH went from $3,040 on October 1 to $3,650 on October 7. Since then, ETH was trading in a relatively tight range and experienced mostly sideways trading activity.

    Ethereum experienced a small dip before rallying to a 5-week high.

    The week-long trend got broken with today’s nearly 10% price increase. From its lowest point during the last 24 hours, Ethereum has gained nearly $400 in value and is trading at $3,765 at press time.

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    Polkadot is today’s biggest gainer thanks to the parachain auction announcement

    It was a long time coming, but Polkadot parachain auctions are finally here. Polkadot Council has voted on a proposal for the first two batches of auctions, which will begin in mid-November. Decentralized crypto projects will compete for a slot allocation, which will let them build on the Polkadot network for a duration of 96 weeks.

    Four hours was all it took for DOT to gain more than 20%.

    Following the announcement, the price of DOT quickly surged to a 5-week high of $42.9, before retracing to $40.6 at the time of this writing. In the span of 4 hours, DOT increased by over 20%, which was enough the make Polkadot the largest gainer among the top 100 largest cryptocurrencies by market cap.

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    The total crypto market cap reaches a 5-month high of $2.43 trillion

    Given the large increase in prices of multiple major digital assets, it was to be expected that the total market cap followed suit. Market capitalization has increased by 5.76% in the last 24 hours and reached the highest value since mid-May.

    The cumulative value of crypto assets has grown by $130 billion since yesterday.

    The highest market valuation that the crypto market has ever reached came in May, when the total value reached a peak of $2.52 trillion. If the market increases “only” by an additional 4% from where we are currently, we will witness the highest market cap in the history of the cryptocurrency industry.