In brief

  • The price of Ethereum has doubled in recent weeks.
  • An altcoin rally has eroded Bitcoin's market dominance.
  • Ethereum's price is rising toward previous highs.

The price of Ethereum (ETH) has shot up in recent weeks. Since January 1, the coin has more than doubled in price, rising from $130 to its current value of $283.

It has made strong gains against Bitcoin (BTC) too. The coin went from 0.018 BTC to 0.027 BTC in the same timeframe, a 50% increase.

Alongside other bullish performances from the rest of the altcoin market, this has helped erode Bitcoin's market dominance—its share of the entire crypto market. Bitcoin's market share has fallen from 68% down to 61% since the start of the year. In contrast, Ethereum's share has bloated from 7.4% to 10%.

As a result, Ethereum looks set to challenge previous highs. Its last peak was at $351 in June 2019, a price value that hadn't been seen since August 2018—on the wane of the crypto bubble. But first it needs to challenge the $300 psychological price point.

Ethereum's not the only top 10 coin in the green today. The price of XRP is up three percent, reaching $0.34. It has similarly seen strong growth in recent months, having risen from a low of $0.18 on December 18.