A three-year hodl for Ether investors finally comes good as the largest altcoin surges into unknown territory on Tuesday.
Ether (ETH), the largest altcoin by market cap, finally reached new all-time highs against the U.S. dollar on Jan. 19.
Ether price is back after 3 years
Data from Cointelegraph Markets and TradingView showed ETH/USD beat its existing record during Tuesday trading, passing $1,428 on Bitstamp.
$ETH
— The Wolf Of All Streets (@scottmelker) January 19, 2021
Ethereum just made a new all time high on the USD pair.
It only took 2 years.
Sky is the limit. We've been screaming it for months. pic.twitter.com/sgsTPFIuFT
The achievement, which resets a price ceiling in place since Jan. 13, 2018, came as Ether gained 15% on the day, with year-to-date returns at nearly 100%.
The altcoin benefited from interest in decentralized finance (DeFi) trading built around the Ethereum network, within the context of a broader altcoin resurgence which began taking shape earlier in January.
"#Ethereum $1,400. If this continues running according to Fibonacci, we might hit $1,600," Cointelegraph Markets analyst Michaël van de Poppe summarized to Twitter followers on Tuesday.
Van de Poppe had previously forecast that Fibonacci levels could take ETH/USD as high as $2,600 in the short term.
"Ethereum's daily transaction volume is going parabolic," Ryan Watkins, a researcher at Messari, added.
"It now settles $12 billion in transactions daily - $3 billion more than Bitcoin. Imagine not being bullish $ETH."
The Concorde of crypto?
As Cointelegraph reported, the Ethereum network now settles around 28% more transactions daily than Bitcoin (BTC), but remains plagued by high fees as a result of increased usage.
In a dedicated analysis released this week, popularinvestment strategist Lyn Alden compared Ethereum as a concept to Concorde, arguing that it may yet fail to reach the mainstream in a similar way to the supersonic airliner.
"Maybe Ethereum will iterate until it finds a sustainable place for itself," she wrote.
"On the other hand, Ethereum could end up being weighed down by its own complexity and lack of broad economic use, like the Concorde."
via cointelgraph.com
