ETH soared to record levels on Tuesday, surpassing its former price record that had stood since Jan 2018. This remarkable run was accompanied by a broader altcoin resurgence and a stalled BTC rally over the past week.
The largest altcoin by market cap gained over 15% on the day to hit a peak price of $1,439.33 at 12:00 UTC. ETH has now ventured into unknown territory after a three-year hodl for investors finally came good with the coin topping its previous bull market peak.
Today’s milestone comes several weeks after BTC smashed through its Dec 2017 peak near $20K. Even though Ether has trailed the world’s leading cryptocurrency in its journey to new highs, it has still managed to outperform BTC so far in 2021 with 92% gains.
ETH Price Projected to Surge Higher
Following today’s historic feat, ETH is now up over 1,000% since the initial public sale of the Ethereum project in 2015, as per data from Messari. That growth has come on the back of ever-expanding use cases in stablecoins, dapps and mounting interest in ETH among institutional players.
The upcoming ETH 2.0 upgrade, which kicked off in Dec 2020 with Beacon Chain’s launch, has also contributed to Ether’s soaring value. The transition to a proof of Stake consensus will transform Ethereum into a network capable of scaling an entire financial system and has unsurprisingly stirred up many investors’ interest.
The top altcoin has also massively benefitted from DeFi, which is arguably the best Ethereum use case to date. According to respected crypto analyst Michaël van de Poppe, ETH could hit even loftier heights in the near term. He tweeted:
“If this continues running according to Fibonacci, we might hit $1,600.”
Meanwhile, Ryan Watkins, a researcher at Messari, highlighted that Etereum’s daily transactions had hit $12.3 billion amid the altcoin’s recent run, beating bitcoin’s $9.3 billion daily volume.
ETH vs BTC Daily Transaction Volume | Source Messari
$38K Holds the Key For Fresh Bitcoin Rally
The BTC price is still trading within a tight range as bulls struggle to gain momentum above $37,500. The king coin is currently being eclipsed by its smaller sibling, Ether, and must clear the $38K resistance to start a fresh upward move in the near term.
As of this article’s writing, BTCUSD is up 4.5% at its price of $36,963. The bulls now face an uphill task to surmount hurdles on the path toward $38,000 to propel the flagship crypto into a short-term bullish zone.
BTCUSD Chart By TradingView