Can Ethereum's Record Outperformance Against Bitcoin Send It To A New High Today?

Ethereum ETH/USD rose 6.5% over 24 hours to $4,733.47 late Tuesday night.

What’s Moving? The second-largest cryptocurrency by market cap has risen 11.01% over a seven-day trailing period.

ETH appreciated 6.56% against Bitcoin BTC/USD, the apex coin, over 24 hours. 

Since the year began, ETH has run up 548.04%. In comparison, BTC has risen 94.31% in the same period.

ETH rose 26.16% over the last 90 days, while its 30-day gains stand at 11.96%. It touched an all-time high of $4,859.50 in November. At press time, ETH traded 2.6% below that level.

See Also: How To Buy Ethereum (ETH)

Why Is It Moving? ETH’s 24-hour gains outpaced those of Bitcoin’s at press time as the global cryptocurrency market cap increased 1.43% to $2.64 trillion.

Ethereum has outperformed Bitcoin by the most since its inception in 2015. The gap between the two coins since December now stands at over 400 percentage points, reported Bloomberg.

Chart Tracking Ethereum Outperformance Against BTC — Courtesy Bloomberg

ETH was the most-mentioned coin at press time, as per Cointrendz data. It attracted 3,564 tweets.

Other highly mentioned coins included BTC and Shiba Inu, which attracted 2,625 and 2,291 tweets, respectively. 

Ethereum is one of the coins that is likely to outperform other mega caps in the top 10, as per Delphi Digital, an independent research firm, while cryptocurrency trader Michaël Van De Poppe said on Twitter that altcoins could see an “explosive” first quarter of 2022.

On Tuesday, Benzinga’s Melanie Schaffer wrote that ETH could rally to a new all-time high before the year is out if it can beat the resistance at the $4,617.02 mark.

Meanwhile, Eth2 developers are calling upon the cryptocurrency’s community to help test the much-anticipated Merge between Ethereum Mainnet and the Beacon Chain, which is based on proof-of-stake. Notably, like Bitcoin, Ethereum is also underpinned by the energy-intense proof-of-work technology.

Testing is the best way to contribute to #Ethereum. We are starting a new program to get the community involved in testing the merge.

If you want to do your part in getting Ethereum to Proof of Stake as soon as possible and save the environment, #dm me pic.twitter.com/WIxpRBIDPB

— MariusVanDerWijden (@vdWijden) November 29, 2021

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