Ether price eventually topped its 2018 all-time high, surpassing $ 1,428

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Ether (ETH), the largest altcoin by market capitalization, finally hit new all-time highs against the US dollar on January 19.

ETH / USD 1-hour candle chart (Bitstamp). Source: trade view

At the same time, the open interest for Bitcoin futures has reached a new record high of over 4.5 billion US dollars, according to Glassnode.

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Data from Cointelegraph Markets and TradingView showed that ETH / USD beat its existing record during Tuesday’s trading and topped $ 1,428 on Bitstamp.

The success, which resets a price cap that has been in effect since January 13, 2018, came when Ether gained 15% that day and the year-to-date return was close to 100%.

Altcoin benefited from the interest in decentralized finance (DeFi) trading that was being built around the Ethereum network as part of a broader altcoin revival that took shape in early January.

“#Ethereum $ 1,400. If this continues, according to Fibonacci, we could reach $ 1,600,” said Cointelegraph Markets analyst Michaël van de Poppe, summarizing the Twitter followers on Tuesday.

Van de Poppe had previously forecast that the Fibonacci level could bring ETH / USD to USD 2,600 in the short term.

“Ethereum’s daily transaction volume is getting parabolic,” added Ryan Watkins, a researcher at Messari.

“Now $ 12 billion worth of transactions are processed every day – $ 3 billion more than Bitcoin. Imagine you’re not bullish ETH dollars.”

The Concorde of Crypto?

As Cointelegraph reported, the Ethereum network now handles around 28% more transactions per day than Bitcoin (BTC), but is still plagued by high fees due to increased usage.