Ethereum (ETH) hit a new all-time high of $2.6k on April 22. The asset’s growth is an impressive feat, considering the bearish phase nailing down Bitcoin (BTC) and other cryptocurrencies.
In a report by Cointelegraph, the general strength of cryptocurrencies is already evident in Bitcoin’s decreasing market cap dominance. For the first time in about three years, BTC dipped below 50%. Events like this may spark an intense part of altseason, which is when altcoins experience a rapid surge to an apex before cooling off.
Following previous signals from this year’s alt season, investors and analysts are strongly bullish on near-term prospects. Raoul Pal, CEO of Real Vision, noted ETH’s superior gains in contrast to BTC. A trend that has seen ETH/USD grow considerably since the pit of the cross-asset price cash. He explained in a series of tweets:
“To be brutally honest, I stare at the chart of ETH/BTC, and I see an enormous rounded bottom with potentially huge breakout just above.”
He also said:
“When you price anything up in DeFi, NFT, community tokens or even metaverse worlds, everything is basically priced in ETH, including designers time etc. ETH is rapidly becoming the currency of the digital world and BTC is the pristine collateral and base layer.”
On the other hand, other altcoins have started indicating signs of life at press time. Some of the altcoins include Litecoin (LTC) and Chainlink’s LINK, with both assets rising by about 6.5%.
Image Credits: Pixabay
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