Ethereum Extends Rally Into Record-High Territory

Ethereum, the second-largest cryptocurrency by market capitalization, has been on a week-long rally and reached $2000 for the first time since February 21st today.

Ether had a successful first quarter as its price surged by more than 160 percent to outperformed bitcoin, whose price rose by more than 100 percent and its total market cap rose to more than $200 billion.

The token gained up to 5 percent today to reach $2,007 at 3:58 a.m. WAT, and was trading above $1990 at report time.

READ ALSO: Bitcoin Miners Made Record $1.5 Billion Revenue In March

Analysts are expecting ether to extend its rise to at least $2,500 in the second quarter of the year, as demand for the ethereum network has been on the rise, despite its increasing cost.

$ETH If the daily candle closes above 2k, it will easily cross 2500$ mark. Keep an eye on it.

Checkout the link in bio for crypto signals#bitcoin $UNI #CRYPTO $EGLD $SWRV $KSM 6484 pic.twitter.com/hcFOcRg8F7

— Amanda Merlyn (@cryptoexp56436A) April 1, 2021

$ETH running into supply here, lot of resistance between 1780 & 2000

Above = smooth sailing to 2500

— Jelle ? (@CryptoJelleNL) March 29, 2021

Ethereum also faced rising competition from proof-of-stake platforms that are faster and less expensive. Among the notable ones are Cardano, Polkadot, and Solana which also had a relatively successful quarter.