That was until Saturday and Bitcoin price broke $60k and Ethereum hit new all-time highs. So, let’s go through the market and see what happened these past few weeks.
Bitcoin
As mentioned previously, Bitcoin broke the $60k price resistance this week, capping out at $60,861. After multiple retest attempts, it finally broke the $60k barrier! The last time Bitcoin broke this barrier, it hit an ATH. So is this a sign of better things to come for Bitcoin?
Ethereum
On the same day Bitcoin broke the 60k resistance, ETH set an ATH at $2,198. ETH has been growing steadily these past two months, ever since dipping down to $1,349 back in February.
The number of active wallets has also steadily increased due to the influx of people trying to get into this crypto and NFT boom.
Another good sign for ETH and other alts is the Bitcoin dominance rate has notably fallen. This is a two-year low for BTC dominance and has made way for alts to grow. If this trend continues, we are in the midst of an excellent alt season.
#bitcoin dominance has now fallen under a key area of support, get ready for the ultimate face melting altcoin season! pic.twitter.com/lRhumoNX1L
— Lark Davis (@TheCryptoLark) April 9, 2021
There’s been crazy growth in alts. It will be interesting to see how many more coins will break their ATHs. Yesterday was a crazy day for the crypto world. Multiple coins continue to do it, but the question is now who is next and at what price?
COINS THAT REACHED A NEW ATH TODAY!$BNB $ETH $ALEPH $GT $VET $OCEAN $SXP $VRA $FTT $ARPA $MIR $RUNE $XTZ $CAKE $POOLZ pic.twitter.com/oKBDUurtHb
— CryptoDiffer (@CryptoDiffer) April 10, 2021
What are your future predictions? Will Bitcoin hit a new ATH, or will ETH go to 5 digits? Let us know about our discord. All I know for sure is that I'll continue to HODL!!!
Interesting side note:
Have you seen how low gas has been? Besides yesterday most coins were growing in a sideways trend; this resulted in low ETH usage. Mix that with a slowed market in NFTs and we get low gas. Gas fees are down by so much, and now nearly the whole day gas is below 100 gwei.
Almost exactly a month ago, gas prices were through the roof. I was able to get a screenshot of when gas was up above 330 gwei. It’s insane how much ETH activity has stalled.
There seems to be a downward trend in gas prices over these past couple of weeks. Low gas fees make it easier for more people to buy NFTs or swap coins. But when there’s high swapping and buying, there are high gas fees. So, for now, let’s enjoy these lower fees.
