Range-bound Bitcoin price opens the door for altcoins to move higher
Ether (ETH) took charge as a new month begins and the second-largest cryptocurrency by market capitalization rallied to a new all-time high at $3,338. This has many analysts shouting out that a new ‘altcoin season’ has commenced. Meanwhile, (BTC) price is continuing to meet resistance around the $56,000 to $58,000 level.
Data from Cointelegraph Markets and TradingView shows that since dropping to a low of $2,160 on April 25, the price of Ether has rallied 54% to a new record high at $3,324 on May 3 as Monday’s 12% spike lifted the top altcoin above the $3,300 level for the first time in history.
ETH/USDT 4-hour chart. Source: TradingView HODL waves. Source: GlassnodeEthereum supply in smart contracts vs. balance on exchanges. Source: GlassnodeDaily cryptocurrency market performance. Source: Coin360
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