Ether (ETH), the largest altcoin by market capitalization, hit new all-time highs on April 22nd despite a bearish period from Bitcoin (BTC) and other cryptocurrencies.
The price of ether claims a new record
Cointelegraph Markets Pro and TradingView showed that ETH / USD hit $ 2,600 for the first time on April 22nd, driven by daily gains of 9.2%.
Ether was also on fire against Bitcoin, reaching 0.047 – the highest level since August 2018.
The second largest cryptocurrency increasingly stands out from the rest on this day as Bitcoin continued to consolidate and other altcoins suffered a painful bump.
Analysts and investors who had already benefited from the previous campaign of this year’s “old season” were therefore firmly optimistic about the short-term outlook.
“To be brutally honest, I stare at the ETH / BTC chart and see an enormous rounded bottom with a potentially big breakout right above it,” Real Vision CEO Raoul Pal told Twitter followers in a number of posts.
“When you set a price in DeFi, NFT, Community Token, or even Metaverse worlds, the price is basically set in ETH, including designer time, etc. ETH is fast becoming the currency of the digital world, and BTC is the flawless one Security and base layer. “”
Pal noted that ether has been superior to bitcoin lately. This is part of a trend where ETH / USD has fared significantly better since the collapse of the cross-asset price decline in March 2020.
Charges volatile when altcoins reappear from immersion
As Cointelegraph reported, the overall strength of altcoins this month was already reflected in Bitcoin’s dwindling market capitalization dominance, which fell below 50% for the first time in nearly three years.
Such events tend to trigger the most intense part of the “old seasons,” where tokens see a rapid spike to a peak before cooling down.
However, ETH’s recent gains came with a predictable payback: gas fees for sending transactions rose that day, a timely reminder for those who hadn’t heard of it in earlier stages of the bull market.
Another concern about the overall strength of the market was the caution of professional traders based on signals from ether derivatives.
Other altcoins were showing signs of life at the time of writing, including Litecoin (LTC) and Chainlinks LINK, both of which were up around 6.5%.