- Ethereum (ETH) outperforms Bitcoin, emerges as one of the highest gainers, and hits a price level last seen 18 months ago.
- While the majority of altcoins in the crypto market are still struggling to stay afloat, their altcoins are defying the bearish odds at this time.
Ethereum (ETHER) is making strong strides in the cryptocurrency market. The second most-valued cryptocurrency by market cap has hit yet another milestone this year.
As the close of the year draws near, market players are focusing their gaze on promising digital assets primed to outperform in the months. Ether, along with a handful of assets has become even more attractive to market players.
The asset recently hit levels not seen in the last 18 months. Ether bulls have remained active over the past week. As a result, buying pressure has overwhelmingly overshadowed selling pressure. Weekly gains have now soared by more than 10%. The price rally comes as the Ethereum network prepares for the Dencun hardfork. Although there is no specific date for the fork, it is expected to happen by the end of 2023.
Over the last 24 hours, Ether secured more than 5.61% and has since seen its price climb up to $2,375. The price breakout is notable for the asset, as it is not only outperforming Bitcoin at this time but has also emerged as the highest-performing asset within the top 5 category.
As a result of the recent bullish run, investors and traders are laying down price predictions for the asset’s new term. Some traders are setting their next price target for Ethereum (ETH) at $3,500.
One such figure is the pseudonymous crypto trader CryptoJelleNL. In a recent post, he observed that Ether has “broken out! After nearly 18 months of consolidation. ETH has finally managed a push beyond $2200. His next price targets from here are $ 2700 & $3000 in the long term.”
Cardano (ADA), Avalanche (AVAX), and Solana (SOL) are also experiencing a significant price rally
In a recent post, Santiment, an on-chain analytics platform revealed that Ether’s recent price spike is the result of a bullish build-up sustained over time. Santiment’s data affirmed that the trend is poised to continue with Ether’s current position.
“Ethereum has scratched its way to $2,349, its highest level since June 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb.” Santiment wrote.
🐳 #Ethereum has scratched its way to $2,349, its highest level since June, 2022. The long-term trend of top non-exchange whale wallets getting richer, and top exchange whale wallets having less sell-off power, is a promising combo for a continued climb. https://t.co/h7ogbqPLWf pic.twitter.com/82plXmVn02
— Santiment (@santimentfeed) December 7, 2023
Meanwhile, other assets like Solana (SOL), Cardano (ADA), and Avalanche (AVAX) are raking in massive gains at this time. Although the majority of altcoins are in the red zone, over the last 30 days, SOL and ADA have soared by 60% and 39% respectively.
SOL is now trading at a high of $71.31. While ADA is trading for $0.494. Avalanche (AVAX) has emerged as the highest gainer within the top ten category. With a 112% increase in gains over the last 30 days, AVAX is trading for $27.20.
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