Mainstream adoption of cryptocurrency continues to reach new highs in 2021 thanks to the growth of popular sectors like decentralized finance (DeFi) and nonfungible tokens (NFT).
The explosive growth seen over the past year would not have been possible without the Ethereum network (ETH), which saw its price break out to a new all-time high on April 27 following the successful launch of the ‘Berlin’ upgrade on April 15.
Data from Cointelegraph Markets and TradingView shows that the price of Ether has rallied 27% over the past five days from a low of $2,107 on April 25 to a new record high at $2,680 on April 27 as altcoins appear to be gaining momentum.
ETH/BTC foretold the move
Signs of an impending breakout have been appearing for a while as pointed out by Raoul Paul, founder and chief executive officer of Real Vision Group.
To be brutally honest, I stare at the chart of ETH/BTC and I see an enormous rounded bottom with potentially huge breakout just above…. pic.twitter.com/85hfawq0bx
— Raoul Pal (@RaoulGMI) April 21, 2021
Following the price shakeout on April 24 when Bitcoin (BTC) dipped to $46,000 before springing back above $54,000, Ether gained ground on the top cryptocurrency.
Struggles with high transaction costs and slower confirmation times have weighed heavily on Ether price over the past couple of months as the excitement around DeFi and NFTs led to skyrocketing activity on the network.
After the Berlin upgrade was successfully implemented on April 15, the average gas fee began to decline to more manageable levels resulting in an increase in trading volume on the top decentralized exchanges like Uniswap (UNI) and SushiSwap (SUSHI).
With a majority of the top DeFi and NFT protocols currently operating on Ethereum, the uptick in activity has resulted in the price of Ether appreciating faster than BTC in the short term as predicted by several analysts.
Expecting $ETH to gain another 15% to 20% on BTC in the next…