On Thursday, April 29, the Ethereum rate renewed its all-time high at $ 2798. At its peak, altcoin capitalization exceeded $ 321 billion. This is more than the market valuation of the PayPal payment system, which is $ 318 billion. Today, Ethereum is traded at $ 2.771 thousand, writes RBC Crypto.
Ethereum has peaked despite the fact that the price of bitcoin continues to be volatile. On the evening of April 28, it rose sharply to $ 56.4 thousand, after which it entered the stage of decline. Now the first cryptocurrency is worth $ 54 thousand.At the same time, Bitcoin set its historical maximum on April 14 at $ 64.8 thousand.
The more active growth of Ethereum can be explained by the higher rates of development and renewal than that of Bitcoin, says Nikita Zuborev, senior analyst at Bestchange.ru. In his opinion, investors are eagerly buying cryptocurrencies, which show constant development.
The expert called the expectation of the July EIP-1559 update, which will allow burning part of the miners’ commissions, as one of the main factors in the current momentum of altcoin growth. High fees are a serious deterrent for new projects, which is why they are more willing to choose other blockchains. The update will fix this, Zuborev is sure.
“In the long term, a serious rise in the Ethereum rate is expected, by some estimates by hundreds of percent. It is worth waiting for a local correction by 5-10% and opening a long-term position, “the analyst advised.
Medium-term growth targets for ETH until the end of this year are at the level of $ 5,000, added Viktor Pershikov, lead analyst at 8848 Invest. He warned that after reaching the level of $ 3 thousand, a certain correction may occur. However, according to the specialist, the asset continues to look confident and does not indicate the risks of a collapse, especially against the backdrop of a confident increase in the capitalization of the crypto market.