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Market Musings

ETH Hits New All-Time High Above $3,500... But Rally is at the Expense of Bitcoin

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Published on:
May 4, 2021

While ETH has risen by 5% in the past 24 hours, BTC is down 5.5%.

ETH Hits New All-Time High Above $3,500... But Rally is at the Expense of Bitcoin

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Ether’s price managed to break $3,500 on Tuesday — with the No. 2 cryptocurrency's rally showing no signs of slowing down.

 

However, this does appear to have been at the expense of Bitcoin. While ETH has risen by 5% in the past 24 hours, BTC is down 5.5% — falling below the crucial $55,000 zone at the time of writing and denying the market leader any chance of overcoming stubborn resistance at $60,000.

 

All of this has contributed to a rather mixed bag in the crypto rankings… and a rather unusual situation. Usually, substantial losses for Bitcoin drag down the rest of the market — but Ether, Dogecoin, Litecoin and Chainlink have all shrugged off this threat.

 

On Twitter, Jon Erlichman noted that Ether has taken just five years and nine months to achieve a market cap of $400 billion — besting Bitcoin by a whole five years. By comparison, it took Google 15 years and five months to reach this milestone… while Amazon had to wait a whole 22 years and three months.

 

Among the analysts in a celebratory mood following ETH’s surge is Scott Melker, who reminded Twitter followers that he has been calling for a price target of $3,600 for over a month. He thinks further gains could be in the pipeline.

Author(s)

Connor Sephton

I cover the crazy world of crypto.

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