Bitcoin

Ether hits $ 500 for the first time since June 2018

Ether (ETH) returned to $ 500 for the first time in more than two years on November 20while altcoins slowly recovered from their poor performance.

Overview of the Coin360 cryptocurrency market.

The price of ether is $ 500 after more than two years

Data from Cointelegraph Markets, Coin360 and TradingView showed this The ETH / USD pair briefly encountered the psychological trading barrier on Friday before a rejection halted progress.

Despite an upper limit of approx. 6% of daily earnings at the time of going to press Ether’s performance wowed traders, who found that the largest altcoin overall outperformed Bitcoin (BTC) in 2020.

Ether hits $ 500 for the first time since June 2018
Ether hits $ 500 for the first time since June 2018

The year-to-date return is 284% for Ether and 155% for Bitcoin.

Given the price drop in mid-March, shortly after the coronavirus-induced drop in cross-assets, Bitcoin remained the strongest player. At this moment ETH / USD traded at just $ 117, which increased Friday’s 327% while BTC / USD rose 411% from $ 3,600 to $ 18,420.

Bitcoin Price Chart vs. Ether of the year to date. Source: Digital Assets Data

Plus the $ 500 visit – Ethers first since June 2018 – Other major altcoins also showed signs of life, notably Litecoin (LTC), which outperformed Bitcoin that day, up 12%. and it’s the only major altcoin to top BTC in the past month – by 7%.

Michaël van de Poppe, an analyst at Cointelegraph Markets, had previously argued this A new “old season” would have to wait, but that could be a realistic maximum for the next Ether run reach $ 20,000.

In an interview with Van de Poppe for Cointelegraph, CEO of Nugget News, Alex Saunders predicted that ETH / USD would surpass its current all-time highs of $ 1,400 by the end of 2021.

Bitcoin again defied the high of $ 18,420

For his part, Bitcoin attracted most of the attention on Friday, reclaiming the $ 18,000 mark and continuing resistance at its previous high of $ 18,420 earlier in the week.

The expectation of new profits remains strong; The highs of $ 20,000 in 2017 form the highest single resistance level on the chart.

No downside reversal has occurred yet, possibly as low as $ 11,600; The $ 17,200 mark is currently serving as solid ground for the bulls.

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