Ethereum has reached an all-time high in the past 2 and a half years and managed to follow the success of Bitcoin. Ethereum has hit the important psychological levels usually touched by Bitcoin in this week.
Ethereum (ETH) has once again reached $500 on 20th November for the very first time in the past two years. Simultaneously, all other altcoins have gradually revealed an upward journey and made some startling recovery from their poor performance in the stock market.
Ethereum Touches $500 After 2 Years
According to the data it is seen that ETH/USD has on a temporary basis managed to reach the significant psychological barrier during the market trading on Friday prior to the rejection which had stopped the progress. This had a huge impact on Ethereum prices.
Although the gains had been capped at almost 60% per day on press time, the achievements of the satisfied traders of Ethereum had realized that the overall Ethereum had performed better than the other altcoins in this year of 2020. In fact, the figures show that Ether had performed much better than Bitcoin.
The returns on year-to-date were seen to be 284% for the prices of Ethereum. Whereas, Bitcoin stood at almost 155%. This massive difference in the figures of return for year-to-date statistics is enough proof for the huge success of Ethereum.
During March 2020, when prices of all cryptocurrencies were at an all-time low due to the impact of the coronavirus pandemic, the stock market had seen a crash of cross-asset. However, Bitcoin was still performing quite well during that time also and proved to be the strongest cryptocurrency in the market at that time. During that period, Ethereum had traded at a mere $117 that made the level of Friday, a massive upsurge by approximately 327%. On the other hand, Bitcoin gained by 411% by increasing to $18,420 from a low of $3,600.
In June 2018, Ethereum was at $500 which was quite a high. Litecoin saw a gain of almost 12% outperforming BTC on that very day. In fact, LTC was the only altcoin that managed to outdo BTC within the span of the last month.
Analyst Michael van de Poppe stated that the alt season needs to wait while Ethereum is gearing for their upcoming bullish rally that can possibly reach a massive high of $20,000.
Alex Saunders, CEO of Nugget, declared that Ethereum has reached an ATH and is able to reach at $1,400 by the time 2021 ends.
On Friday, Bitcoin reclaimed its position as a forerunner by reaching the $18K level.
BTC is continuing to overtop $18,420 that was the level earlier this very week. BTC is going strong and aiming for $20,000 as a key resistance level.