Ether reaches a two and a half year high and follows Bitcoin to note significant levels this week.
Ether (ETH) returned to US$500 for the first time in more than two years on November 20, marking a change in the market for altcoins, which were slowly recovering from poor performance.
Ether records a two-year high of US$500
Data from Cointelegraph Markets, Coin360 and TradingView showed ETH/USD briefly overcoming the psychological barrier in Friday’s trading before a correction interrupted the break.
Although limited to around 6% daily earnings at the time of publication, Ether’s performance delighted traders, who noted that overall in 2020, the largest altcoin outperformed even the Bitcoin (BTC).
The accumulated returns for the year are 284% for Ether and 155% for Bitcoin.
In contrast to the fall in its prices in mid-March, just after the coronavirus-induced cross-asset drop, Bitcoin is still the strongest player. At the time, the ETH/USD was trading at only $117, causing Friday’s levels to rise 327%, while the BTC/USD gained 411% from $3,600 to $18,420.
Along with the $500 visit – Ether’s first since June 2018 – other important altcoins also showed signs of life, notably Litecoin (LTC), which with gains of 12% overtook Bitcoin on the day, and is the only major altcoin to overtake BTC last month – by 7%.
Previously, Cointelegraph Markets analyst Michaël van de Poppe argued that a new „altseason“ would have to wait, but that a realistic top for Ether’s next bullish run could reach $20,000.
In an interview with Van de Poppe for the Cointelegraph, however, Nugget’s News CEO Alex Saunders predicted that the ETH/USD would surpass its current record of $1,400 by the end of 2021.
Bitcoin again challenges $18,420
Meanwhile, Bitcoin held most of the attention on Friday, earning $18,000 and continuing to meet resistance at its previous top of $18,420 earlier in the week.
The anticipation of further gains remains strong, with highs of $20,000 in 2017, forming the only major resistance level higher on the chart.
A correction, possibly to levels as low as $11,600, is yet to occur, with $17,200 now serving as firm support for the bulls.