Ethereum (ETH) and other virtual currencies have already reached new all-time highs. The market continues moving higher and we can see that in the price of the largest cryptocurrencies in the world. Compared to previous bullish actions, this price increase is mostly driven by retail investors rather than by institutions.
Ethereum Reaches New All-Time Highs
Ethereum was able to surpass $2,850 for the first time in history and it is very close to surpassing $3,000. This would allow the virtual currency to reach its highest price ever and get closer to Bitcoin’s market cap. Although Bitcoin (BTC) remains the largest virtual currency, its dominance fell below 49% and Ethereum’s dominance is moving towards 15%.
During the last few hours, Bitcoin (BTC) surpassed $58,000 and remains also very close to $60,000, a strong psychological level that would be definitely important to surpass in the coming days.
However, Bitcoin and Ethereum are not the only virtual currencies growing and moving higher. Binance Coin (BNB), Dogecoin (DOGE) and Litecoin are also registering gains. Binance Coin is now close to $627 after moving higher by over 2% in the last 24 hours.
Dogecoin continues to attract investors and it is now above $0.36 after surgeon more than 17%. Litecoin, the digital asset created by Charlie Lee, is 3.14% higher than yesterday after surpassing $272.
Despite the recent pause in the bull market that we experienced when Bitcoin fell below $50,000, we see that Ethereum and other virtual currencies continued registering gains. This happened even with Bitcoin not recovering its all-time highs. This is certainly bullish considering most indicators are showing that we could be yet months away from a top in the bull market.
The Ethereum community is now waiting for the release of the ETH 2.0 upgrade. This would make it possible for ETH to become one of the largest blockchain networks in the world. In the last few months, several projects have been moving from Ethereum to the Binance Smart Chain (BSC), which attracted a lot of new Decentralized Finance (DeFi) projects.
With ETH 2.0 it might be possible for Ethereum to recover its dominance in the DeFi market. With cheaper and faster transactions, the second-largest blockchain network in the world could become again host of the most used and efficient dApps in the market, taking users from Binance Smart Chain that were before using Ethereum.