The cryptocurrency Ethereum (ETH), second behind bitcoin (BTC) in market capitalization, registered a new all-time high this Thursday of $ 2,580, according to CoinMarketCap. The price of ETH in BTC has improved by almost 18% in the last week and is at 0.04687 BTC, a level that had not been reached since mid-August 2018.
The latest all-time high of ETH, $ 2,544, was recorded last Thursday, April 15, which means that the new high represents just a 1.73% appreciation of ETH. However, ETH’s positioning against BTC has improved by a factor of 10, relative to price, in the last week.
The following graph shows the evolution of the price of ETH in dollars and in BTC, since 2016 (left) and in the last week. On the one hand, it is found that the price of ETH against BTC reaches a local maximum of 0.046803. However, this is still a third of the all-time high of 0.13712 BTC, achieved on June 15, 2017.
ETH bullish boom strengthens
A comment from investor Raoul Pal on Twitter, highlights that the ETH / BTC chart (in gold on the charts) presents a trough between 2018 and today, which could suggest an upcoming bullish momentum for ETH expressed in BTC.
“To be brutally honest, I look at the ETH / BTC chart and see a huge, rounded valley with great potential for a breakout up,” Pal says in his tweet. The investor points out that when a price is assigned on DeFi platforms, in relation to NFT tokens or community tokens, that price is expressed in ETH. “ETH is fast becoming the currency of the digital world and BTC is the pristine collateral and base layer,” says Pal.
Pal supports his argument in favor of the Ethereum boom with the graph below, which shows the annual growth of Ethereum addresses, since July 2018.
For a year, the growth of Ethereum addresses has been at positive levels, according to the graph and currently registers a level close to 75%.
The previous all-time high of ETH was achieved on April 15, when the Berlin fork in Ethereum was successfully activated , as reported by CryptoNews. Although there were some delays in the synchronization due to failures of the OpenEthereum client, in approximately 15% of the nodes, these were solved in a few hours.