Ethereum (ETH) reached an all-time high of $2,643 a few hours ago before falling by 20%. The entire cryptocurrency market is now experiencing a correction, which can be seen in the returns of most of the digital assets in the last 24 hours. Some of the reasons behind Ethereum’s all-time high could be related to different events according to Petr Kozyakov, the co-founder and CEO of the global payment network Mercuryo.
Ethereum Retraces by 20% After Reaching ATH
Ethereum (ETH), the second-largest cryptocurrency in the world retraced by 20% after reaching an all-time high on April 22nd. This is part of an ongoing correction in the crypto market where most assets are falling.
As reported by CoinMarketCap, the worst-performing cryptocurrencies among the top 10 include Dogecoin (DOGE) falling 25.24%, XRP (XRP) (-19,67%), Cardano (ADA) (-11,66%) and Litecoin (-11.59%).
Although the market could continue falling in the future, it is also true that Ethereum is making progress. During a conversation with Mr. Kozyakov, he explained that Ethereum was behaving better than Bitcoin. We should take into consideration that the correction for Bitcoin started before Ethereum’s recent dip.
On April 22nd, while Bitcoin was already correcting, Ethereum was making new all-time highs. The second-largest virtual currency reached a price of $2,643 on the Binance exchange a few hours ago. Thus, it shows that there was a bullish momentum for ETH.
There were several reasons for Ethereum to reach this all-time high. These reasons include the launch of 3 ETFs in Canada, being accepted as a payment method by a global real estate service provider, WeWork, and also providing an incentive to ETH miners after a hard fork.
On that matter, Kozyakov mentioned before the recent dip:
“All of this is pushing the coin up, and while its price currently sits at $2,463 – its ATH is less than $100 away, at $2,547. In fact, Ethereum might hit this level before this day ends. From that point, its price could either be rejected or it might continue pushing forward, delving deeper into the unknown.”
After his comments, Ethereum reached an all-time high and fastly retraced to $2,180. Now it is time to see whether the market would come back to the previous bull market or if we remain in this region for several weeks. However, fundamentals remain bullish not only for Ethereum but also for Bitcoin and other digital assets.