Ethereum, the second largest cryptocurrency on the market, hit a new all-time high this Friday. The growth has been observed for the fifth day in a row.
Earlier today, ETH returned to the psychologically significant $ 2,000 level and traded near it for most of the day until it resumed its rally around 17:00 Moscow time. The current maximum for ETH on most major exchanges is above $ 2,080. At the same time, the capitalization of the cryptocurrency is close to $ 240 billion.
The previous record in the ETH market was set on February 20 at about $ 2,040. After that, the cryptocurrency went down and dropped by almost 40% in a week. At the same time, the ether began to lag behind bitcoin, the correction of which turned out to be more moderate, and the recovery to new highs began earlier.
Today, Bitcoin is trading below its own highs recorded in mid-March. At the same time, compared to the bull market in 2017, bitcoin has grown three times, while ether is only half. Against the background of today’s movements, the share of bitcoin in the total capitalization of the cryptocurrency market dropped to 57.5% – the lowest value since September 2020.
On the daily ether chart, you can see a bullish structure in the form of a symmetrical triangle breakout. It is noteworthy that the current momentum originates from the day of the announcement of the payment company Visa, which intends to use the Ethereum blockchain for settlements in the USDC stablecoin.
Options market data suggests that traders are buying bullish contracts with a strike price of $ 25,000 and an expiration date of December 31, 2021. According to some opinions, seasonal expectations of market participants could also play a role.
“Ether outperforms Bitcoin in May of every year,” said Timothy Peterson, an analyst at Cane Island Alternative Advisors.
Earlier, CryptoQuant CEO Ki Yong Joo suggested that an institutional investor could have invested $ 800 million in ether.

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