Ethereum (ETH) gains over 10 percent while bitcoin (BTC) continues to move sideways.
Ethereum Hits New ATH
While bitcoin’s price continues to hover in the lower $50k range, ether seems to be slowly gaining some steam. The price of ETH is up almost 8 percent in the last 24-hours, according to data from CoinGecko.
Unsurprisingly, major “blue-chip” DeFi tokens were buoyed by Ethereum’s price action as most of them witnessed considerable price surge in the past 24 hours.
Among the top DeFi tokens, Maker (MKR), Aave (AAVE), UNI, SUSHI, and Bancor (BNT) all recorded green candles. Notably, MKR recorded its new ATH value at almost $5,000. Similarly, major upgrades among other DeFi projects such as Uniswap’s highly-anticipated Uniswap v3 likely played a role in UNI’s price surge.
While the overall market recorded a green day, tokens witnessing massive price momentum in the past few days continued to languish. For instance, at the time of writing, Dogecoin (DOGE) trades at $0.28, down by more than 8 percent in the last 24 hours.
As for Ethereum, the recent price action could, in fact, just be a teaser of what’s to come for the second largest cryptocurrency in the world in terms of market cap.
Recently, Ethereum underwent the Berlin hard fork which introduced a total of 4 new EIPs or in simpler terms, upgrades to the protocol. Ethereum is slated to undergo a major upgrade in July this year which would likely involve the implementation of the highly contentious EIP-1559.
For the uninitiated, EIP-1559 promises to make ETH a deflationary asset which would put a full stop on Ethereum’s infinite supply once and for all. Further, scalability and control on gas fees are the need of the hour for ETH if it has to stay competitive with other L1 smart contract platforms such as Cardano (ADA), Solana (SOL), and Polkadot (DOT), among others.
With the rising price of ETH, crypto experts are sensing an upcoming altseason that would send the price of all altcoins to the moon.
Coincidently, the BTC dominance also seems to be sliding down as evident from the following chart. Breaching the key support level at 50 percent could potentially commence the frenzy of a full-blown altseason.