At the time of press, Ethereum was trading at $1,330 which, aside from a brief spike on January 10, is its highest price since that all-time high three years ago in early 2018.
The move has added over 11% to ETH prices on the day while big brother Bitcoin starts to consolidate around the $36k price zone. Tradingview.com reports the peak ETH price at just below $1,500 in January 2018 so it is only $150 or so away from that now.
Ethereum up 50% Against Bitcoin
ETH prices are predominantly measured in USD but there is also a price in Satoshis and that has surged 50% in around two weeks as Bitcoin retreats from its recent peak above $40k. The move was observed by The Block co-founder, Mike Dudas;
— Mike Dudas (@mdudas) January 19, 2021
The crypto community has been largely bullish while the Bitcoin maximalists have been conspicuously silent. Binance CEO Changpeng ‘CZ’ Zhao commented that ETH was about to join the ‘ATH club’;
#ETH is about the join the new ATH club. 👏
— CZ 🔶 Binance (@cz_binance) January 19, 2021
Messari crypto researcher Ryan Watkins reported that Ethereum transactions have ‘gone parabolic’ this month and the network now processes $3 billion more than Bitcoin does. This is largely due to stablecoin activity as the majority of them are based on the ERC-20 standard.
Ethhub co-founder Eric Conner commented on the fervor over ‘Ethereum killers’ which have also been performing well lately.
“The most hilarious part about this market is once the max amount of suckers get pulled into Ethereum killers, ETH rips up.”
Industry observer ‘Bleeding Crypto’ summed up the sentiment on crypto twitter at the moment;
In 2019 I got all kinds of shit for saying $ETH will rise again and surpass it ATH. A ton of people said I was nuts, that will never happen, ETH is dead, new projects will make it obsolete, blah blah blah. Now everyone is ALL about ETH.
— Bleeding Crypto (@Bleeding_Crypto) January 19, 2021
Others in The ATH Club
Ethereum is not the only crypto asset approaching or surpassing its peak price during this rally. As it stands, ETH is still almost 10% away from its all-time high, though this gap could close very quickly.
Rival network Polkadot has also just made one as its DOT token surged to $19, flipping XRP in terms of market capitalization. Binance Coin is another milestone maker this week with BNB reaching its highest ever price of $46.50 on Monday, January 18.
Uniswap’s UNI token is also hovering around a new all-time high of $9.70 according to Coingecko, and Chainlink’s LINK surged to a peak price of $23.50 yesterday. If the buying pressure remains on, Ethereum will be joining the ATH Club very soon.