Range-bound Bitcoin price opens the door for altcoins to move higher

Tuesday 04 May 2021, 7:51 AM AEST - 1 week ago

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, Bitcoin (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 Mondays 12% spike lifted the top altcoin above the $3,300 level for the first time in history.

e8388269-4fb6-42b9-8409-8fabdd058264.pngETH/USDT 4-hour chart. Source: TradingView

While a majority of crypto traders are celebrating Ethers price breakout, which has helped elevate project co-founder Vitalik Buterin to the crypto billionaire club, bearish traders are en route to heavy losses as nearly every one of the 76,000 put option contracts that are set to expire on April 7 will become worthless if Ether price manages to stay above $3,100.

And it's not just Ether that has been performing well as of late. In the past 2 months, the altcoin market as a whole has seen its value increase 119% and flipped the 2017 peak into a new support level.

Ether HODL rates rise

According to Glassnode, an on-chain analytics firm, the amount of Ether being held long term has been on the rise since late 2020 and this could be a contributing factor propelling the multi-month rally.

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