After three years, Ether has surpassed its all-time high.
Ether (ETH), the largest altcoin by market capitalisation, hit a new all-time high today, 19 January.
ETH/USD 1-hour candlestick chart (Bitstamp). Source: Tradingview
At the same time, open interest in bitcoin futures also hit a new record high of over $4.5 billion, according to Glassnode.
Ether price back at all-time high after 3 years
Data from Cointelegraph Markets and TradingView shows that the ETH/USD pair overtook its existing record on Tuesday, climbing above US$1,428 on Bitstamp.
This set a record that had stood since 13 January 2018. Ether climbed 15 per cent today and has seen growth of almost 100 per cent since the start of the year.
The altcoin benefited from interest in the DeFi space built around the Ethereum network. In addition, altcoins in general revived somewhat since the beginning of January.
„#Ethereum US$1,400 If this keeps going Fibonacci, we could hit US$1,600,“ Cointelegraph Markets analyst Michaël van de Poppe summarised on Twitter on Tuesday.
Van de Poppe had previously predicted that Fibonacci levels could push the ETH/USD pair up to US$2,600 in the short term.
„Ethereum’s daily transaction volume is rising Bitcoin Profit parabolically,“ added Ryan Watkins, a researcher at Messari.
„It now handles US$12 billion in transactions daily. That’s US$3 billion more than bitcoin. How could you not be bullish on $ETH.“
The Concorde of the crypto world?
As Cointelegraph reported, the Ethereum network now handles around 28 per cent more transactions per day than Bitcoin (BTC). But due to heavier usage, fees are also rising at an exorbitant rate.
In an analysis this week, well-known investment strategist Lyn Alden compared Ethereum as a concept to Concorde. She argued that, much like the supersonic aircraft, it has yet to reach the mainstream.
„Perhaps Ethereum will morph until the network finds a sustainable place for itself,“ she wrote.
„On the other hand, Ethereum may end up finding its own complexity and lack of economic use altogether a burden, just like Concorde.“