- ETH and BNB reached new all-time highs on Saturday, May 1st.
- BTC’s market cap fell below 50% for the first time since August 2018.
- The news comes in the wake of a crypto market recovery.
On Saturday, May 1st, 2021, ETH and BNB price reached a high of $2,862.47 and $641.86 respectively. As such, both the 2nd and 3rd ranked currencies reached their all-time highs today. This news comes in the wake of a market recovery for the crypto sector.
As most currencies had taken a hit over the past few weeks, crypto traders are enthusiastic about this value rise. It is also paired with Bitcoin’s market cap falling below 50% for the first time since August 2018.
However, BTC buyers may not give up hope just yet, as the coin is also on its recovery trend. It has risen back to a high of $58,276 for the first time since mid-April.
Reason for ETH rise includes European Investment Bank’s announcement about launching the first-ever digital bond on the platform. Other than that, the increase in NFT and DApps popularity, a lot of which are based on the Ethereum blockchain, is also driving its value.
On the other hand, Binance Coin shows just as much, if not more, potential. The currency has risen almost 14 times in value since the beginning of the year. A large part of this is contributed to by Binance’s recent business moves. These include the launching of a blockchain network for a share of the DeFi market in competition with Ethereum. The Binance Smart Chain is a less decentralized platform with fees 35 times lower than Ethereum’s.
Keeping the above factors in mind, feels like altcoin season really is upon us.