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 has been on the rise for six days.
Binance Coin (BNB), on the other hand, experienced a new rise for the first time in about three weeks. BNB touched $ 645 on Saturday morning and the third largest cryptocurrency maintained its weekly strength.
As Bitcoin dominance declines, both projects continue to push new heights. Bitcoin has been experiencing a decline in its dominance in the market for almost a month. Bitcoin dominance is currently around 49.86%. A month ago, it was at the peak of 60.61%.
Market sentiment shows that $ 3,000 is currently becoming the next big hurdle for Ethereum and could continue to rise. ETH recently completed the Berlin fork on the mainnet. Its next big upgrade will take place in July.
Interest in ETH is increasing
Ethereum is also witnessing the growing interest of investment firms. Recently, Rothschild Investments purchased an initial stake of $ 4.75 million from Grayscale Ethereum Trust. Rothschild became one of the first name-brand corporate asset managers to reveal his involvement with ETH through Grayscale.
Transaction fees prevented traders from taking advantage of the rising market conditions, resulting in a dramatic drop in price. But Ethereum active addresses have also seen an increase towards all-time highs recently.
PancakeSwap is rising in popularity
The decentralized exchange (DEX) PancakeSwap is also growing in popularity. Binance Smart Chain (BSC) is experiencing growth mainly due to low transaction fees on the network. Using the BNB token, PancakeSwap is currently the third largest DEX after Uniswap and MDEX.