ETH Bridges The Gap To BTC As It Hit $2800: Price Analysis

ETH bridges the gap to BTC even closer as it hit $2800 recently thanks to its stellar performance over the past few weeks as we can see more in our latest Ethereum price news.

The ETH prices hit another all-time high of $2800 as per the data by Tradingview and are built upon a move that added 14% to ETH prices since the same time last Friday. As per Santiment, the ETH bridges the gap between these assets in terms of market cap share and is tighter than ever:

📊 #Ethereum has closed the gap on #Bitcoin‘s dominance the past couple months, and the #AllTimeHigh up to $2,794 today has made the gap between #crypto‘s #1 and #2 assets tighter than ever. Read about our #bullish & #bearish metrics we’re watching cloely.

— Santiment (@santimentfeed) April 30, 2021

At the time of writing, Bitcoin’s market share dropped to 49.37% as per Tradingview and the last time it dropped below 50% was in 2018. Ethereum’s market share is now at 15.60% but that is not as high as it was during the January 2018 altcoin boom that pushed the coin up to 23%. At the time, a few altcoins like XRP and LTC were performing well and commanded a decent share of the overall crypto market.

eth daily
ETH 24-hour Price Chart (Source: Coingecko)

The market capitalization for Ethereum is now below $320 billion which according to the data by has surpassed the one of PayPal which has $314 billion. A number of bullish factors have been boosting the momentum for Ethereum recently according to JPMorgan. Crypto blogger Lark Davis also commented that the future economics model of ETH will make it efficient at earning a passive income:

“The more I think about it, the more I feel like I may never sell my #ethereum. It is going to be a deflationary asset with 5% annual rewards, ETH at 10k will be a passive income beast!”

There are a few key upgrades approaching for ETH after the Berlin upgrade that went live earlier this month and the London upgrade is also expected in July so this will include a highly anticipated EIP-1559 which will introduce a mechanism to adjust the auction process that determines transaction prices. This will have the effect of dynamically adjusting the fees so that the users can pay the lowest bids for the block but not lower gas prices if the network is under heavy load.

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Author: Stefan

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