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Ethereum’s Mesmerizing 285% YTD Returns Send ETH Soaring Above $500 For First Time Since 2018 ⋆ ZyCrypto

ETH enters new bullish cycle with no significant resistance ahead

November 21st 2020

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Ethereum is in the midst of a parabolic rally. The second-largest cryptocurrency has breached the $500 hurdle for the first time since 2018 and is up over 280% year-to-date.

Ethereum’s jump to 28-month highs comes as alternative cryptocurrencies (also known as altcoins) stage a recovery from the lackluster performance. Above $500, there’s now very little stopping ethereum from printing new historic highs.

ETH Jumps Above $500 For First Time In Two And A Half Years

Ethereum surged past $500 on Friday for the first time since July of 2018. At press time, ETH is trading at $508.24 after gaining 7.06% in the past 24 hours. In fact, the altcoin has outperformed bitcoin. The flagship cryptocurrency has risen 2.72%. Additionally, ETH has generated a 285% return for investors since the start of the year, while BTC has managed a 154% gain on the year so far.

Ethereum has been in the spotlight in recent months as the crypto community awaits the launch of ETH 2.0 on December 1, an upgrade that is believed to be the solution to the ethereum network’s persistent scaling issues. As the transition to a proof-of-stake consensus mechanism draws closer, the ethereum price has continued to increase significantly.

Besides the imminent ETH 2.0 mainnet release, the price of ethereum is also being boosted by the resurgence of the DeFi market. DeFi tokens and the amount of capital pumped into DeFi projects have been slowly making a comeback after cooling off in Q3 2020. As DeFi picks up again, the market sentiment around ethereum has dramatically increased.




Nonetheless, ethereum will have to surge at least 183% if it wants to retest its old all-time high set in January 2018. Bitcoin, on the other hand only needs a 10% appreciation in order to break past its ATH. 

Notably, other altcoins are also seeing significant gains alongside ETH’s move above $500. For instance, XRP has gained 5.51% to trade above $0.31. Chainlink (LINK) is up 5.13% on the day and Polkadot (DOT) has increased by 13.41% over the same time frame.

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The views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.

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XRP vi.be Editor

XRP vi.be Editor

Editor at XRPvi.be, gathering information and insights about Ripple, XRP and related things from around the internet. Opinions deriving from any content do not represent ours. All content copyrights are with the original creators and holders. By clicking on the ‘source’ link you can visit the originating place of the content.

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