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Bitcoin price is approaching $ 60,000 while ETH is setting new peak at $ 2,146 though the price rally shows no signs of slowing down

Over the past 24 hours, Bitcoin price has hit back the $ 60,000 mark but didn’t hold for long. Meanwhile, ETH started to accelerate and hit new highs. The cryptocurrency has seen massive gains over the last 12 months, having traded below $ 150 at the beginning of April last year. It peaked at $ 2,071.67, though the price rally shows no signs of slowing down.

bitcoin-price-is-approaching-60000-while-eth-is-setting-new-peak

BTC/USD 4-hour chart | Source: TradingView

Market excitement, ETH hit new highs while Bitcoin price is close to $ 60,000

Bitcoin failed to settle above the $ 60,500 resistance and recently started a downside correction. However, a downtrend does not happen too drastically. At press time, Bitcoin is trading around $ 59,575, trying to hold on to that level with a slight gain of a few percent over the past 24 hours.

But today’s main story is Ethereum. Ethereum, the second-largest cryptocurrency by market cap, broke its previous all-time high of nearly $ 2,041, set on February 19, 2021.

Ethereum hit a record high of around $ 2,125 today (3/4), according to TradingView data. Since falling close to $ 1,546, ETH has posted four consecutive daily green candles. Today would be Thursday if it closed green.

CoinMarketCap lists ETH as the second largest asset by current market capitalization. Holding a market cap close to $ 239 billion at the time of publication, ETH was comfortable in second place on Binance Coin (BNB), but a far cry from its total valuation of $ 1.1 trillion. of Bitcoin.

Ethereum has seen a large number of headlines over the past few months, in line with its transition to Ethereum 2.0, or Eth2, as well as its role in decentralized finance, or DeFi. Eth2 will scale the Ethereum network and fully transform its blockchain to proof-of-stake in the coming months.

ETH’s bullish trajectory also matches the overall bull market for cryptocurrencies, in which BTC was trading above $ 60,000.

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