Ethereum breaks away from a falling market to set a record high price

Posted: 23 April 2021 2:34 pm

Ether is currently showcasing 30-day gains of nearly 35%.

  • On 22 April, ETH surged to its all-time high value of $3,415
  • Experts are extremely bullish on Ether's near-term prospects
  • Binance Smart Chain-based PancakeSwap's total 24-hour transaction volume recently surpassed that of Ethereum

The past 24 hours have been somewhat of a rollercoaster ride for Ether, with the second-largest cryptocurrency by total market capitalisation surging to its all-time high of $3,415 only to be faced with bearish momentum after, forcing the currency's value to dip to its current price of $2,910, showcasing a loss of 7%.

Ether's price is relatively steady compared to the rest of the market, which has seen many coins in the top 100 cryptocurrencies by market cap exhibit weekly losses of 20% or more.

Despite today's dip, Sumit Gupta, co-founder and CEO of cryptocurrency exchange CoinDCX, is fairly confident that with the recent developments surrounding Ethereum – AKA the Berlin upgrade – the currency will continue to exhibit an increasing amount of positive financial traction in the coming few months, adding:

"I am bullish on ETH as it has strong fundamentals and a promising future. Given the nature of crypto markets, higher volatility and significant correction will continue to be there. With ETH 2.0 set to launch in 2021, the challenges faced by the Ethereum blockchain will soon be a thing of the past."

In his view, with Ethereum's core dev group promising to upgrade the scalability, sustainability and security of the Ethereum ecosystem, it stands to reason that the coming weeks will be quite exciting for the premier altcoin. "There are a number of exciting projects that are being built atop Ethereum along with all the developments taking place in relation to various Non Fungible Tokens (NFTs) and Decentralized Finance (DeFi) offerings," he added.

PancakeSwap reportedly surpasses Ether's daily transactions

In what is potentially being viewed as a massive shift of power within the global DeFi landscape, PancakeSwap, a decentralised exchange built atop the Binance Smart Chain (BSC), recently accrued more transactions than the entire Ether network combined during a 24-hour stretch.

As per data from BSCscan and Etherescan, on 20 April, BSC-based PancakeSwap witnessed a little over 2 million transactions compared to Ethereum's 1.55 million transactions. Not only that, the platform's recent rise has been nothing short of meteoric, with the value of CAKE, the platform's native cryptocurrency, surging by over 4,500% since the start of 2021.

However, not everybody is convinced that Ether's dominance will be overshadowed by other platforms in the near term, with Varun Satyam, co-founder of Bitlumex, a PR newswire for blockchain and crypto products, telling Finder that Ether has firmly transformed itself into the currency that developers all over the world want to build on, adding:

"It allows for the easy development of dapps and smart contracts. Right now ETH is in an accumulation phase, so there can be sudden price increases expected in the near future. It's going to be the same as when BTC was hovering around the AUD 26k range and then shot up to AUD 65k in no time."

Interested in cryptocurrency? Learn more about the basics with our beginner's guide to Bitcoin, dive deeper by learning about Ethereum and see what blockchain can do with our simple guide to DeFi.

Disclosure: The author owns a range of cryptocurrencies at the time of writing

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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