Ether has managed to break all-time highs — hitting a new record of $2,079.52 at the time of writing.
The world’s second-largest cryptocurrency has surged by 7.65% over the past 24 hours, smashing the previous ATH of $2,036 that was set back in February. ETH has also risen by 26.5% over the past seven days.
Although Bitcoin briefly managed to crack $60,000 — reaching $60,267.19 at one point — it has struggled to remain above this psychologically important level in a meaningful way.
Friday's market movements mean ETH has strengthened substantially against BTC, with the world’s biggest cryptocurrency remaining below all-time highs of $61,683.
Interestingly, it’s also been a very good day indeed for Binance Coin, despite the fact that Binance Smart Chain has been dubbed an “Ethereum killer.” It has cemented its reputation as the world’s third-largest cryptocurrency after racing to highs of $356.78.
After an impressive first quarter that saw the price of Bitcoin surge by 103.17% in the first three months of 2021, it looks like the support of institutional investors and high-profile figures is really paying off.
Despite Ethereum’s ongoing woes related to its high gas fees and slow processing times, there’s now speculation from crypto analysts that Ether could race to $5,000 and $10,000 — especially as EIP-1559, an improvement proposal that could reduce transaction costs, is set to make its debut in the summer.
Twitter is Ablaze with Price Predictions
One crypto analyst and trader known as ‘Rekt Capital’ is feeling particularly positive about Ether’s bullish trend, tweeting:
“Playing out perfectly. ETH has broken past its red resistance area. It is now in the process of turning this area into support before challenging for the very final resistance before new All-Time Highs and Price Discovery.”
The CEO of Crypto Quant, Ki Young Ju, also shared an opinion about what was going on with the Ether price increase by tweeting:
“400k $ETH flowed out from Coinbase a few days ago. Speculative guess, institutions are now buying $ETH.”
Some analysts are even suggesting that Ethereum is set to outperform Bitcoin this month.
On Thursday, Business Insider reported that JPMorgan’s current thoughts are that:
“Bitcoin's price volatility has been on the decline in recent weeks, making it more appealing to institutions that are seeking low-correlation assets to better diversify investment portfolios.”