Ethereum network’s mining difficulty peaked to a new all-time-high 5,950,622,727,915,080, breaking the previous ATH of 5,946,888,973,277,870. The rising mining difficulty comes at a time when there is a lot of discussion around Ethereum’s rising gas fee and traders shifting to other platforms.
#Ethereum $ETH Mining Difficulty just reached an ATH of 5,950,622,727,915,080
Previous ATH of 5,946,888,973,277,870 was observed on 16 March 2021
View metric:https://t.co/s9t4z9o8ba pic.twitter.com/WmUnPbib7y
— glassnode alerts (@glassnodealerts) March 20, 2021
The on-chain metrics for Ethereum look quite strong as the demand for ETH around $1,800 price has been quite significant. ETH price has also seen a trend reversal with price narrowly missing the head and shoulder pattern formation followed by a bullish breakout which might help the second-largest cryptocurrency retest its previous ATH of $2,036. One analyst predicted that ETH could be well on its way towards $2,500.
Apart from growing demand, the increasing volume of ETH locked in ETH 2.0 mainnet could also lead to a supply crisis, and at a time when its institutional offering has just begun, the supply crunch could help its price further.
Altcoin Market Cap Nears ATH
Bitcoin’s massive growth this bull season has overshadowed most of the other developments as the top cryptocurrency more than tripled its 2017 high and its market cap reached the $1 trillion mark for the first time. Along with Bitcoin, the altcoin market has also grown to new highs and registered a new ATH of $684 billion.
The Altcoin market’s new ATH has propelled it to the same levels as 2017 and if it mimics the previous market movements, the market cap could grow exponentially. The fact that Ethereum and many other altcoins have already registered new ATHs, the next bull cycle could see these altcoins rise further as talks of Bitcoin being in a supercycle grow stronger.
Rekt Capital, a crypto analyst pointed out the recent altcoin market cap ATH and how it is at the same level as the 2016 post which the altcoin market cap registered a new ATH of $473 Billion. The 2017 high was first breached in early February and retested towards the end of the month. The month of March saw the altcoin market cap add another $200 billion to its 2017 high.
Altcoin Market Cap launched into new All Time Highs from the very same level that launched Altcoin Market Cap into new December 2017 All Time Highs
A perfect example of market cyclicality if there ever was one#BTC $ETH #Bitcoin https://t.co/h1kkiZ4SLj pic.twitter.com/5sMEbkS4BD
— Rekt Capital (@rektcapital) March 20, 2021
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