Ether broke past $3 000 on Monday to set a new record high in a dazzling rally that has outshone the bigger bitcoin.
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Ether pulled back sharply from a record high and bitcoin also fell on Friday amid speculation that US President Joe Biden’s plan to raise capital gains taxes will curb investment in digital assets.
Binance coin has strengthened its position as one of the world’s largest cryptocurrencies after a 53% rally in the past seven days to the third spot behind bitcoin and ether.
PayPal will announce later on Tuesday that it has started allowing US consumers to use their cryptocurrency holdings to pay at millions of its online merchants globally.
Bitcoin tumbled 17% on Tuesday, sparking a sell-off across cryptocurrency markets as investors grow nervous at sky-high valuations and leveraged players take profit.
Ether, the second biggest crypto asset after bitcoin, hit its previous all-time high of US$1 400 this month and is trading at 130 times its price of four years ago. Astonishingly, the rally may be far from over.
The total market value of cryptocurrencies surpassed $1-trillion for the first time on Thursday amid a frenzied and volatile rally in bitcoin to yet another record.
Bitcoin may have grabbed the headlines in 2020 with a price gain of 160% for the year to date, but this pales alongside its smaller brother, ethereum, which has clocked up a gain of 344% so far.
Major cryptocurrencies including bitcoin and ether have surged over the past week, but technical indicators show they’re butting up against a key resistance level.
Technical indicators show the price action between bitcoin and alternative tokens is nearing its highest correlation this year, indicating that a so-called alt season may be on the horizon.