The price change of prominent altcoins like Ethereum [ETH], Binance Coin [BNB], and Dogecoin [DOGE] paved the way for speculations of the emergence of the alt season. Bitcoin [BTC], however, didn’t fall back as it seemed to be getting back on track. The king coin recorded a 6% rise in the last 24-hours which pushed the price of the asset to $57,579. Despite this, the dominance of BTC remained below 50%, precisely at 48.7%.
This week has proved to be extremely beneficial for altcoins like Ethereum [ETH]. The altcoin has been recording new all-time highs almost every day. Even though ETH experienced minor blips at the beginning of the week, the asset bounced back and witnessed parabolic growth. Earlier today, ETH hit $2,868 which is the highest number the altcoin has recorded over the span of six years.
During the time of writing, the altcoin was seen experiencing correction as it was noted at $2,838. ETH, over the last 24-hours, was surging by 2.79%. In the last seven days, ETH bagged gains of about 24.64%.
Ethereum [ETH] One-Day Price Chart On Binance
The one-day price chart of ETH pointed out that the chances of the altcoin reaching $3K were high. The Chaikin Money Flow [CMF] indicator was over zero median which noted the presence of the bulls in the ETH market. The Awesome Oscillator indicator laid out green closing bars which further indicated a bullish momentum. The Money Flow Index indicator noted that the altcoin was being overbought as it way over in the buyers’ arena.
Furthermore, prominent analytics platform Santiment affirmed that the ongoing sentiment could persist. The platform took to Twitter to note that the trading activity on ETH was high as its price was soaring. The tweet read,
Additionally, the market cap of the altcoin was also on a roll as it rose to $330 billion. The market cap of Ethereum even surpasses PayPal which further put the crypto network on a pedestal.