Ethereum the second-largest cryptocurrency by market capitalization hit an all-time high of $2,152.45 on April 2nd making a rise of about 8.4% in a single day. This came amidst the Bitcoin struggle to get back above $60,000 after hitting an all-time high of $61,683.86 on Mar 13, 2021, approximately 20 days ago.
In the past seven days, Bitcoin has been trading below $60,000 but it registered a daily high of $60,027.85 Yesterday (April 2nd).
And while there are still expectations that Bitcoin’s price will rise higher in 2021, the attention now seems to be shifting to its arch-rival Ethereum (ETH), which has registered a sharp rise in the past few days.
Kraken exchange said,
“Historical returns and volatility seem to suggest that bitcoin is incredibly well-positioned to post yet another month of positive returns in April as market volatility reenters the picture.”
Ethereum trades above $2,000 for the first time since February 20, 2021
It has been over a month since Ethereum traded above $2,000 and this time around it seem it is going to trade above that level for some time. In just a day, it got to above $2,100 and it is still trading above that level.
At the time of writing this post, Ethereum (ETH) was trading at $2,135.29.
Altcoins take advantage of the present Bitcoin consolidation
Besides, Ethereum, most other altcoins also seem to be taking advantage of the current market consolidation of Bitcoin.
Most Altcoins including Binance Coin (BNB), Polkadot (DOT), Ripple (XRP), Uniswap (UNI), Litecoin (LTC), and ChailLink (LINK) among others have all hit their all-time highs in the last seven day and they are still showing a strong bullish trend.
Among the greatest mover are the non-fungible tokens (NFTs), which have stolen the show by blowing up in popularity in the past month.
There is speculation among market experts that we could be entering into a season of altcoins dominance after having experienced Bitcoin dominance for the past year.
The co-founder and COO of WazirX crypto exchange said,
“We saw 2020 as a year where big hedge funds were taking positions in bitcoin. It was soon followed by more institutions, and celebrities such as Elon Musk taking bitcoin more seriously. Today, bitcoin is consolidating, and all eyes are on bitcoin dominance. We all are waiting for alt-season. If bitcoin dominance drops, we could enter another altcoin cycle. We hope that bitcoin maintains stability at current levels for the altcoin markets to season up.”