Altcoin Bounce Ether Reaches New Highs Thiab Outperforms Bitcoin

According to data, Ethereum was the world's second largest cryptocurrency by market cap, surpassing its May high of $ 4,379, breaking its record high of around $ 4,400 on Friday. .

ETH gained around 11% last week, while BTC gained 3% during the same period. Charts Show Ether Can Make More Money Than Bitcoin As discussed yesterday in Wrap Market, the target increase in the ETH / BTC ratio is 0.08.

Overall, analysts expect the cryptocurrency to rise further in the coming years, but there are occasional drops that could change the market.

According to data from CoinDesk, Ethereum is the world's second largest cryptocurrency by market cap, surpassing its high of $ 4,379 in May and breaking its record high of $ 4,400 on Friday.

ETH gained around 11% last week, while BTC gained 3% during the same period. Charts Show Ether Can Make More Money Than Bitcoin As discussed yesterday in Wrap Market, the target increase in the ETH / BTC ratio is 0.08.

Overall, analysts expect the cryptocurrency to rise further in the coming years, but there are occasional drops that could change the market.

Bitpanda Treasurer Luke Enzersdorfer-Konrad said in an email to CoinDesk: “Bitcoin and altcoins have experienced cramps on the schedule, which is still at the highest level in history, as we have seen. recently. That's all. "

“The bad days have not been able to break the whole economic model recently,” writes Enzersdorfer-Konrad, indicating that fundamentals remain bullish in the long term.

Despite recent volatility, some traders are starting to plan for further increases in other cryptocurrencies (altcoins) like Ethereum.

Global advisory firm FundStrat said in a statement Thursday that “there has been growing discussion among investors recently about changing their distribution data. bitcoin for altcoins in order to get more profit for altcoins.

FundStrat writes: "The good news (for BTC and ETH prices) is that the market always seems to be tipping towards a weaker downtrend."

The new high value of Ether coincides with improving blockchain data. According to CoinDesk's Omkar Godbole, the Ethereum smart contract blockchain has burned more tokens than it announced in the past 24 hours, in part thanks to strong support from Shiba Inu (SHIB).

The self-proclaimed Dogecoin killer platform Shiba Inu burned 770.12 ETH, making it the third largest ETH destroyer. Uniswap v.2 and Tether destroy 2,729.22 and 1,248.72 ETH portions.

Some options traders are betting that U.S. regulators will soon approve ether-backed currency traded funds (ETFs), thereby buying cheaper, more out-of-the-money options.

The chart below shows the recent price of Ethereum oil, which refers to the market value of the blockchain network.

“Historically, the transition to L1 [Layer 1] has increased as gas has become more expensive. But now that Arbitrum and Optimism are online, L2 [Layer 2] may be the big beneficiary.” Delphi Digital wrote in a blog post.