Ethereum (ETH) Price Moves Past $1000 Leading the Altcoin Rally As Bitcoin (BTC) Weakens

04. Jan 2021 Posted by Akolkar B on News

The world's second-largest cryptocurrency Ethereum (ETH) has been on a roll in the last 24-hours with its price skyrocketing above $1000. At press time, ETH has been trading at $1011 with a market cap of $115 billion.

The massive Ethereum price rally comes on the backdrop of strong institutional interest building up in ETH in the recent times. All eyes currently are on the upcoming launch of CME Ether Futures, next month on February 8.

With the latest crypto market rally, ETH has extended is market dominance to nearly 14% from under 10% before the last weekend. On the other hand, the ETH transaction volumes have also surged significantly in the last 24-hours moving past $35 billion and even greater than Bitcoin transaction volumes during the same period.

Along with the ETH price, the Ethereum blockchain has been hitting milestones on multiple fronts. On Sunday, January 2, the ETH hash-rate spiked to 306,346.6018 GH/ hitting an all-time high. Similarly, as the ETH miner activity has increased significantly, the ETH gas fees has also surged to an average of 255 gwei.

The ETH miners are currently making more money than Bitcoin miners at this stage. With the recent move, several other on-chain metrics for Ethereum have hit new highs. Like the ETH-spot aggregated daily volumes makes an all-time high. Similarly, the ETH Futures, aggregated daily volumes have hit an all-time high above $30 billion.

As said, Ethereum (ETH) has been currently leading the altcoin market rally followed by Litecoin (LTC). Litecoin (LTC) has also emerged as a strong contender recently with its price surging more than 100% in the last two months. Earlier today, Litecoin (LTC) surged above $160 levels moving past the market cap of Ripple’s XRP.

The altcoin market continues to show strength as Bitcoin (BTC) corrects after a strong rally on Sunday, January 3rd. On Sunday, the BTC price surged all the way above $34,000 hitting its new all-time high.

However, Bitcoin price entered sharp correction earlier today with its price crashing more than 10% and slipping below $30,000. However, the bigger dips have been absorbed partially and BTC is back above $30K but still around 10% below its ATH.