Ethereum hit a new ATH today and the coin managed to outperform Bitcoin.
Ethereum exploded today and impressed the market trends by hitting a new all-time – ETH hit above $2,600 for the first time in its history.
Back in 2020, the coin was trading below $200 so whoever bought back then, is counting their blessings and money today.
he gains have pushed Ethereum’s market cap above $300 billion, nearly one third that of bitcoin’s.
Ethereum is de-coupling from BTC
Other cryptos including BTC have seen major price drops in recent days, and this led analysts to note that ETH is “showing signs of de-coupling” from its more famous counterpart.
“While the two have traded in tandem for much of the last three years, as the cryptoasset market starts to mature, investors will be looking across the broader spectrum of assets and assessing which has the best long-term potential,” said Simon Peters, a market analyst at the online trading platform eToro as cited by Independent.
He continued and said: “Bitcoin has captured the attention of millions of investors, but ethereum offers an alternative… With the widespread usage of ethereum’s network following its latest upgrade, the cryptoasset continues to offer a lot of opportunities to developers and investors.”
LiveMint.com posts another relevant opinion:
“The recent price movement of bitcoin indicates consolidation. This is a healthy pullback and will provide long-term stability to the world’s largest crypto asset. Ether is rallying because of the launch of ethereum exchange-traded fund (ETF) on a Canadian exchange, which is seen as a major step towards making digital assets, mainstream. Ether is expected to break above $3,000 this month,” said Shivam Thakral, CEO, BuyUcoin.
At the moment of writing this article, ETH is trading in the green and the digital asset is priced at $2,560.15.
Stay tuned for more news and keep your eyes peeled on the market.