May 12, 2021

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ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines

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ETH and Binance Coin have both seen new all-time highs within the last 24 hours as BTC dominance continues to decline

Following a strong week for ETH, the cryptocurrency has managed to set another all-time high this weekend. ETH rallied on Saturday to a new high of $2,880 on Binance. The cryptocurrency has now enjoyed six straight days of bullish buying. 

ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines
Source: Tradingview

Binance Coin (BNB) also saw a new high for the first time in nearly three weeks. BNB tapped $645 on Saturday morning as the third biggest cryptocurrency also enjoyed its continued weekly strength. 

ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines
Source: Tradingview

Both projects continue to push new highs as BTC dominance declines. BTC has seen its dominance in the market drop for nearly an entire month. BTC dominance currently sits around 49.86%. Down from its 60.61% high of one month ago. 

ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines
Source: Tradingview

Market sentiment currently expects ETH to continue rallying as $3,000 becomes the next major hurdle for ETH. ETH recently completed its Berlin fork on the mainnet. With its next major upgrade set to take place in July. 

Interest in ETH growing

ETH has also seen increased interest from investment firms. Most Recently, Rothschild Investments bought a $4.75M initial stake in the Grayscale ETH Trust, according to filings. Rothschild became one of the first name-brand institutional asset managers to expose itself to ETH through the Grayscale.

Gas fees on the network have seen a dramatic decrease in price, allowing for traders to take advantage of bullish market conditions. ETH active addresses have also seen a surge to new all-time highs recently. 

PancakeSwap popularity rising

Decentralized exchange (DEX) PancakeSwap has also seen a surge in popularity. The Binance Smart Chain (BSC) exchange has enjoyed growth particularly due to the low gas fees on the network. PancakeSwap which utilizes the BNB token, currently ranks as the third largest DEX behind Uniswap and MDEX. 

The post ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines appeared first on BeInCrypto.

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