Ethereum (ETH), the second largest cryptocurrency by market capitalization, has rallied to outperform Bitcoin (BTC) for the first time in months.
Bitcoin saw upward price action last Friday (March 18), as the coin briefly traded above $42,300 U.S. Similarly, Ethereum traded as high as $2940 U.S. as bulls expected the top altcoin to reclaim the $3,000 U.S. level in the week ahead.
On March 16, after Bitcoin’s price moved above the $40,000 U.S. mark, the coin’s trading volume declined sharply. Data from Santiment highlighted that Bitcoin’s recent rise had been propelled largely by short liquidations.
While Bitcoin’s recent upswing has been significant, Ethereum has been the standout in price gains among the top 10 cryptocurrencies. Ethereum climbed 5.36% in the past 24 hours, trading at $2,957 U.S. in early trading today (March 21), just shy of $3,000 U.S.
Ethereum’s price has now moved back above $2,900 U.S. for the first time since March 2. That said, March 18 was the first day with thousands of $100,000 U.S. transactions on the Ethereum network since the Russia-Ukraine war began.
The rise in network activity could lead to a much-awaited long-term price recovery for Ethereum.
