2 November 2024
Ethereum Sets New ATH; Analysts Suggest Five Altcoins To Watch
The world’s second-largest cryptocurrency Ethereum has broken its previous records and has registered an all-time high on Monday as its price surged more than 20% in the last 48 hours. Ethereum reached a $1,470 level on 25th January.
As per the latest data, Ethereum owns more than $160 billion of market cap. Currently, ethereum is trading at $1,415. The market cap of all cryptocurrencies has reached $1 trillion on Monday.
However, on another side, bitcoin is trading near $33,000 after posting a drop of nearly 10% in the last 7 days. Its dominance has dropped below 63% in the crypto market for the first time since October 2020.
Glassnode shared data, stating that the number of addresses holding at least 0.1 ETH reached an all-time high of 3,756,147. Also, ETH whale addresses with at least 10,000 ETH also reached the highest level in 13 months.
Crypto investor Raoul Pal believes that ETH will lead the crypto pack in the near term, with a renewed altcoin season on the horizon.
“At this point and for a while, ETH leads, alts season follows and bitcoin still explodes higher. Everyone wins. Enjoy and take on board the FUD with an open mind but remember, in an exponential bull market everyone wants to spook you out of your trade. It’s really not easy.”
Cred, the popular pseudonymous analyst tweeted that ethereum is at the start of a major move to the upside, and the DeFi market following it.
“If requirements are met, I’d expect ETH to outperform in the first leg during price discovery but for DeFi to remain bid.
The simplest means of acting on this would be via ETH/USD longs. Other alts likely higher beta. Eyes on: Uni, Sushi, Link, Dot, Aave.”
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