The price of Ethereum increased by more than 12% in the last 24 hours. In just one week, ETH went from $458 to more than $ 600.
As bitcoin rises in price, the rest of the cryptocurrency market has been increasing as well. And this November, the Ethereum cryptocurrency, ether (ETH), passed $ 600 in the price for the first time since June 2018.
In the last 24 hours, the price of the native Ethereum cryptocurrency has risen more than 12%, reflects CoinGecko. ETH passed the $ 600 mark, just after half of the funds needed for the genesis of the new version of the network, 2.0, exceeded in its proper contract.
This Sunday, Vitalik Buterin, co-founder and one of the most visible faces of the project, explained that already more than half of the 16,384 addresses gave their contribution of 32 ETH to become validator nodes of the new network.
Immediately after, came the rise of the cryptocurrency, as a percentage, the increase in other places it among the top 5 winners in the top 20 of the market. Only ripple (XRP), tezos (XTZ), Cardano (ADA), and stellar lumens (XLM) received the most appreciation in that period. The last time ETH was at the $ 600 level, it was still in full decline from its all-time high (ATH), above the $ 1,400 it reached in January 2018.
Ethereum remains far from its all-time high in price
Despite the rise and returning to levels that were not seen for almost two years, the cryptocurrency of Ethereum remains 58% below its ATH, in data from CoinGecko.
In recent weeks, the cryptocurrency market in full followed the rise of bitcoin. However, altcoins gained appreciation against the dollar but are losing value against the foremost cryptocurrency.
A sample of this is the closeness of the ATH for bitcoin (just over 5% below, at the time of writing this note). As in the case of ETH, most of the major cryptocurrencies are still far from their respective ATHs, reached after bitcoin’s maximum bull run.
Bitcoin exceeds traditional markets
As reported in October, Bitcoin’s performance has not been remarkable at the time, clearly exceeding the major altcoins in the market. So far this year, BTC has also exceeded traditional markets, with a higher increase than equity indices, precious metals, and stocks. The closest thing to the increase in bitcoin in percentage terms has been the revaluation of Google. While BTC is up around 80% in 2020, the company’s shares are up 70%.
Gold and silver are up more than 50%, getting a bit close to BTC’s performance. But indices like the S&P 500, with just 6% appreciation this year; or the Nasdaq (30%) have underperformed the appreciation of bitcoin.
By Jenson Nunez