Despite its recent high fees-caused problems that helped competitors rise, ETH surpassed USD 2,000 today for the first time, while BTC, which is still a USD 1trn asset, rallied above USD 56,000.
on February 20, the price is up by 5.6 percent in a day and almost 11 percent in a week.
According to cryptonews.com, strong ETH fees are dampening the rally as DeFi users are moving towards competing, more centralized chains such as Binance Smart Chain, while competitors are taking every excuse to criticize ETH.
In the meantime, BTC is trading at USD 56,025, after it reached a recent high of USD 56,612. The price has started to rise by 8% in a day and 18% in a week.
“I was expecting [BTC] to touch [the USD 50,000] level so that the media could get some headlines and then pull back somewhat considering the relentless one-way move we’ve seen the past 90 days, but it’s so far holding up well above USD 50,000, so there is very solid demand holding it up. Still expect strength in the medium term but don’t think it will be without some volatility in both directions,” Jeffery Wang, Head of America’s at the Amber Group, said in an emailed comment.