Ether Breaks Above $4,300 as the Altcoin Rally Shifts Gears

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Created by TradeOr

3rd Party Analysis 12 May 2021

Key Takeaways:

  • Ethereum token blows past $4,300 as investors increase their crypto risk appetite
  • Bitcoin remains stagnant below $58,000 as altcoins capture the attention

Ether Reaches $4,300 Mark

Ether, the second-largest cryptocurrency, this morning eclipsed the $4,300 mark, powered by increased demand that took the price higher by over 9% over the past 24 hours. For the past three weeks, the token used for payments on the Ethereum network has been kicking full steam ahead blowing lid after lid to reach this morning’s record high of $4,350.

The digital asset now boasts a valuation of $500bn, roughly 50% of Bitcoin’s market capitalization, which currently stands at $1.06tn. Ether has only had a single day in the red for the past 17 days, during which the asset has doubled in price, surging 101%.

How Is Bitcoin Performing In Comparison?

Bitcoin, on the other hand, remains largely muted below the $58,000 milestone. The price of bitcoin is still not able to solidify the gains above $58,000 even though multiple attempts have been made in recent days. Bitcoin now trades around $57,100 as market participants are keeping an eye on the altcoin season, swinging in full force, particularly in the Ethereum coin.

The total market capitalization on Wednesday has grown by over $100bn compared with Tuesday’s level and is now pinned at $2.53tn. As a result, Bitcoin’s market dominance continues to decline and this morning it slipped below 42% for the first time since mid-2018. In contrast, Ethereum’s market share now floats around 20%, the highest level since early 2018 but far from its record share of 31% in mid-2017 when the market was getting ready for takeoff into a rally fueled by retail traders and investors.

Other cryptos are also on the move in the early hours of Wednesday. Dogecoin is putting effort to recover the losses accumulated over the weekend. The meme-coin this morning climbed above $0.50 but still remains far from its record of $0.75. Litecoin and XRP are also pointing higher on Wednesday, up more than 4% a piece.

 

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