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ETH, BNB Both Set New All-Time Highs as BTC Dominance Declines

2 mins
Updated by Ryan Boltman
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In Brief

  • Ethereum hits new all-time high of $2,880.
  • Binance Coin also reaches new high of $645.
  • Bitcoin dominance drops to below 50%.
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Ethereum and Binance Coin have both seen new all-time highs within the last 24 hours as bitcoin dominance continues to decline

Following a strong week for ethereum, the cryptocurrency has managed to set another all-time high this weekend. Ethereum rallied on Saturday to a new high of $2,880 on Binance. The cryptocurrency has now enjoyed six straight days of bullish buying. 

Source: Tradingview

Binance Coin (BNB) also saw a new high for the first time in nearly three weeks. BNB tapped $645 on Saturday morning as the third biggest cryptocurrency also enjoyed its continued weekly strength. 

Source: Tradingview

Both projects continue to push new highs as bitcoin dominance declines. Bitcoin has seen its dominance in the market drop for nearly an entire month. Bitcoin dominance currently sits around 49.86%. Down from its 60.61% high of one month ago. 

Source: Tradingview

Market sentiment currently expects ethereum to continue rallying as $3,000 becomes the next major hurdle for ethereum. Ethereum recently completed its Berlin fork on the mainnet. With its next major upgrade set to take place in July. 

Interest in ETH growing

Ethereum has also seen increased interest from investment firms. Most Recently, Rothschild Investments bought a $4.75M initial stake in the Grayscale Ethereum Trust, according to filings. Rothschild became one of the first name-brand institutional asset managers to expose itself to ethereum through the Grayscale.

Gas fees on the network have seen a dramatic decrease in price, allowing for traders to take advantage of bullish market conditions. Ethereum active addresses have also seen a surge to new all-time highs recently

PancakeSwap popularity rising

Decentralized exchange (DEX) PancakeSwap has also seen a surge in popularity. The Binance Smart Chain (BSC) exchange has enjoyed growth particularly due to the low gas fees on the network. PancakeSwap which utilizes the BNB token, currently ranks as the third largest DEX behind Uniswap and MDEX. 

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Ryan Boltman
Ryan Boltman is a managing editor at BeInCrypto, specializing in the crypto markets with a strong focus on technical and on-chain analysis across a broad spectrum of digital assets. His areas of expertise include Layer-1 and Layer-2 solutions, artificial intelligence (AI), real-world assets (RWA), decentralized finance (DeFi), decentralized physical infrastructure networks (DePIN), meme coins, and altcoins. Before his current role, Ryan contributed to Blockchain.com as a customer success...
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