At a time when the majority of the crypto market is in a consolidation phase, recovering from the $500 billion flash crash in the first week, ETH/BTC pair continues to reach new highs against the common market trend. ETHBTC pair hit a new 3.5 year high as it touched the $0.088 mark for the first time since July 2018.
ETHBTC pair bottomed at 0.030 in April this year, when the crypto market was experiencing a collective downturn, but when things started to look gloomy for the second-largest cryptocurrency, it made a bounce back and now looks set to retest all-time-highs again.
The price of the altcoin regained bullish momentum right after the London hardfork which introduced EIP-1559 to the Ether, making it a deflationary token. The declining supply of ETH of centralized exchanges added with the burning of the circulation supply helped Ether price reach an ATH of $4,879 and it is currently under 10% below retesting the ATH.
Can Ethereum (ETH) Lead the Crypto Rally into 2022
The hopes of a bullish December came crashing down with the market sell-off in the first week itself. However, market analysts belive that the bull market could extend into 2022 and Ether could be a potential leader in the market with its growing market dominance. On one hand, BTC’s market dominance has been on a constant decline and fell below 40% again earlier today, on the other Ether continues to hit a new yearly high.
ETH dominance is currently at 22.148% which is at a 3-year high as well while BTC dominance fell below 40% to hit a new 3-year low.
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If Ether manages to continue its bullish momentum against the market trends, it could very well lead the crypto rally into 2022. The falling market dominance of Bitcoin also means an alt season could be just around the corner.
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