The Big Comeback of Ether (ETH)
On November 20, 2020, Ether (ETH) made headlines by hitting the coveted $500 mark—the first time it had done so in more than two years. This psychological milestone has traders buzzing, and hey, who can blame them? After all, it’s not every day that you witness a digital currency bounce back like a toddler after a faceplant!
Market Performance Breakdown
According to data from various sources like Cointelegraph Markets, Coin360, and TradingView, ETH/USD briefly surged to the $500 threshold during Friday trading before facing a slight setback. The day registered a solid 6% daily gain, which, let’s be honest, is like finding a twenty-dollar bill in your jeans after a month of laundry.
Despite Bitcoin (BTC) historically stealing the spotlight, this year, Ether has managed to outperform it in significant ways—284% year-to-date compared to BTC’s 155%. To put that in perspective, if financial achievements were Olympic medals, Ether would be standing proudly on the pedestal while Bitcoin grumbles about a ‘creative accounting’ error.
Comparing the Greats: Bitcoin vs Ether
To appreciate Ether’s uphill journey even more, let’s rewind to mid-March 2020, during the infamous pandemic-induced market crash. At that time, ETH was languishing around $117. Fast forward to Friday’s highs, and that’s a jaw-dropping 327% increase! Meanwhile, Bitcoin went from about $3,600 to a whopping $18,420, netting a staggering 411% increase. Talk about a sibling rivalry!
The Altcoin Renaissance
Ether’s overdue price uptick wasn’t a solo act. Other altcoins were also throwing their hats back into the ring, kicking off what some are dubbing an “altseason.” Litecoin (LTC), for instance, saw exceptional growth with a 12% rise, outshining Bitcoin for the day. Who knew they had it in them?
What’s Next for Ether?
Despite the positive momentum, market analysts like Michaël van de Poppe warn that the anticipated “altseason” might still be on the back burner. However, optimism remains, with some experts predicting that Ether’s next bull run could potentially skyrocket it to as high as $20,000! Can someone please find where they hid that crystal ball?
