Today was definitely a good day for Ethereum investors and enthusiasts, as the biggest altcoin, in terms of market cap, just reached a new all-time high, against the U.S. dollar.
Following three years of wait, according to data from both Cointelegraph Markets and TradingView, the ETH/USD pair reached $1,428 this Tuesday, on Bitstamp. This comes after Ethereum gained 15% today, resulting in a year-to-date return of almost 100%.
What led to this new milestone?
The altcoin, which registered a significant drop last week, benefited from a wave of interest in decentralized finance trading, following the altcoin resurgence that showed the first signs of shaping up earlier this year.
“Ethereum $1,400. If this continues running according to Fibonacci, we might hit $1,600,” wrote on Twitter analyst Michaël van de Poppe, who previously forecasted that Fibonacci levels could help the pair reach a whopping $2,600 in the near future.
“The daily transaction volume is going parabolic,” researcher Ryan Watkins added. “It now settles $12 billion in transactions daily – $3 billion more than Bitcoin. Imagine not being bullish.”
What’s next for ETH?
Sure, this bullish run should be taken with a pinch of salt, as Ethereum can still be affected by the increased volatility of the crypto market and lose all its recent gains. Also, let’s not forget that the network is now settling around 28% more transactions daily than Bitcoin, but it’s still “affected” by the high fees, as a result of increased usage. And this could be one of the biggest reason against a spectacular growth.
Some analysts believe that the token can actually fail to reach the mainstream, just like the supersonic airliner Concorde did.
“Maybe Ethereum will iterate until it finds a sustainable place for itself,” wrote investment strategist Lyn Alden.
But, on the other hand, we won’t be surprised if ETH will break new records in the following weeks!