In the last few days, the price of ETH has increased by almost 30%. Compared to Bitcoin, the Ethereum cryptocurrency is a long way from its all-time high.
About a month ago, the price of Bitcoin managed to break its all-time high of 2017. Likewise, the Ethereum cryptocurrency, Ether (ETH), exceeded its all-time high of January 2018.
In recent days, the price of ETH reached USD 1,435, according to data from LiveCoinWatch. In this way, the cryptocurrency exceeded the USD 1,420 mark, which had been its maximum price.
It remained above USD 1,400 momentarily, since it then traded at USD 1,391, according to the same source. An increase of more than 10% in just 24 hours and almost 30% in just one week led it to break its previous all-time high.
Trading Volumes of Ether and Bitcoin
Ether’s trading volumes have recently been among the highest in the cryptocurrency’s history. Data from LiveCoinWatch indicates that ETH trading has been over USD 14.5 billion for 24 hours. However, it is still below the high of USD 17.5 billion, which it recorded in March 2020.
Even though Ether reached a new all-time high in US dollars, its situation is very different from that of Bitcoin (BTC). One unit of Ether is currently equivalent to 0.038 BTC.
The best equivalence for ETH for BTC has occurred since August 2018. However, it remains more than 70% below its maximum price in Bitcoin of 0.141 BTC per ETH. That value is currently equivalent to more than USD 5,000.
Beginning of the Altcoin Season
There has been a stir among crypto enthusiasts beyond the fact that the price of ETH has broken its all-time high. Many consider it a sign of the beginning of the “altcoin season”, that is, a dominance of alternatives to Bitcoin. In early 2018, the top 40 altcoins outperformed Bitcoin for the last time to date.
That season is a long way from happening since BTC currently outperforms most major cryptocurrencies by capitalization.
The altcoin season index, from the Blockchain Center, is the only one that currently shows a greater closeness to the performance of that season. In the last 90 days, 39% of the major altcoins have improved the percentage increase of BTC.
Bitcoin’s Supremacy over Altcoins
In contrast to the prices of Bitcoin and other cryptocurrencies during the bullish run of 2017 and 2018, the current situation does not favor the latter. During that period, they did not only reach their respective all-time highs in US dollars but also in Bitcoin.
Even approaching their highs in US dollars, the best altcoin levels compared to those of Satoshi Nakamoto’s cryptocurrency look a long way off.
The level of trust that the pioneering cryptocurrency has earned since its birthplaces is well above other cryptocurrencies. The all-time high for Bitcoin’s price is above the one that it reached in December 2020. However, Ether’s is well below its all-time high of March last year.
By Alexander Salazar
