Ethereum Has Hit another All-Time High but Bitcoin (BTC) Outperformed It
According to the latest reports, the top two largest cryptocurrencies in the entire crypto-verse are currently sky-high. The top two cryptocurrencies: Bitcoin (BTC) &Ethereum (ETH) are currently experiencing all-time highs and the trend is in their favor.
It is true that ever since the rally, Ethereum (ETH) has been plagued with high-gas fees. Yet it has managed to beat all of its competitors that were using the high-gas fees for ETH to their advantage. Ethereum (ETH) has yet again proven to all other cryptocurrencies that no one can take the 2nd spot from it.
At the time of publishing, the price of Ethereum (ETH) is over $2,000, which is its all-time high. On the other hand, the price of Bitcoin (BTC) is also hovering above its all-time high of $57.5k per BTC.
As far as Ethereum (ETH) is concerned, the 2nd largest crypto-asset has managed to gain 5.6% growth in its price in the last 24-hours. On the other hand, it has managed to gain 11% growth in its price in the entire week.
Despite hitting all-time highs, the Ethereum (ETH) platform is still facing a lot of problems and potential losses due to high gas fees. This is the reason why the platform has started losing its rally and many investors have now started moving to other platforms.
One of the most prominent competitors of the Ethereum (ETH) platform is Binance Smart Chain, where the majority of the investors from Ethereum (ETH) have migrated and are still headed that way.
As more investors keep leaving the Ethereum (ETH) platform, the competitors of the asset are continuing their bashing on the Ethereum platform.
Moreover, the trading supply for Ethereum (ETH) has reportedly been decreasing lately. According to figures, the locked volume of Ethereum (ETH) in the decentralized finance (DeFi) platform has experienced a significant increase in around 35 days.
The DeFi platform has reportedly experienced a jump of around 16% in the locked Ethereum (ETH) volume, which is now at 7.7 million. At the time of publishing, the figure of 7.7 million Ethereum (ETH) translates to $15.67 billion.
On top of that, the Ethereum (ETH) that was sent to the ETH2.0 deposit contract have also been locked there ever since the beginning of Q4 of 2020. On the ETH2.0 deposit contract, the total held ETH is 3 million, which translates to around $6.1 billion.
Then there is Grayscale that currently has 222,958 ETH under its management, which translates to $454 million.
On the other hand, as Bitcoin (BTC) starts to run out in the market, the demand for the asset is constantly on the rise. This means that Bitcoin (BTC) is constantly gaining a rally where investors are lining up to invest as soon as Bitcoin (BTC) is made available.