Ethereum and Binance Coin have seen all-time highs in the past 24 hours as Bitcoin dominance continues to decline.
After a strong week for Ethereum, the cryptocurrency managed to hit an all-time high this weekend. Ethereum surged to $ 2,880 on Binance on Saturday. The cryptocurrency is enjoying its 6-day steady rise.
Binance Coin (BNB) also saw a new high for the first time in about three weeks. BNB touched the $ 645 level on Saturday morning, and as such, the third largest cryptocurrency maintained its weekly strength.
As Bitcoin dominance declines, both projects continue to push new heights. Bitcoin has been in a decline in market dominance for almost a month. It is currently around 49.86%, after bitcoin dominance dropped below 48% yesterday. BTC fell to these levels from a high of 60.61% a month ago.
Market sentiment is currently expecting Ethereum to continue its rally, as $ 3,000 has become the next big hurdle for Ethereum. Ethereum recently completed the Berlin hard fork on the mainnet. Its next big improvement will take place in July.
Interest in ETH Increases
Ethereum also witnessed the growing interest of investment firms. According to a recent SEC document; It was reported that Rothschild Investment purchased a $ 4.75 million stake from the Grayscale Ethereum Trust. Rothschild became one of the first famous corporate asset managers to expose himself to Ethereum through Grayscale.
Gas fees on the network saw a dramatic drop in price to allow traders to take advantage of bullish market conditions. Ethereum active addresses have also experienced an increase towards all-time highs recently.
PancakeSwap’s Popularity is Increasing
The decentralized exchange (DEX) PancakeSwap also experienced a surge in popularity. The Binance Smart Chain (BSC) exchange has witnessed a growth, especially thanks to the low gas fees on the network. PancakeSwap, which uses the BNB token, is currently the third largest DEX after Uniswap and MDEX.