Ethereum reached a new all-time high as it broke through the $3,000 barrier and reached a whopping $3,441.
Although the second-largest crypto lost a bit of steam after reaching ATH as it fell to $3,237 after four hours, it still managed to pick up pace and climbed to $3,375 as of writing.
This shows how Ethereum is on track to becoming the dominant crypto.
A good proof of this is how ETH gained a 343% increase since the year started. Compare that to BTC's 88.7% price increase, and one can see how the former has now become a more favorable digital asset for long-term investment.
In line with this, Token Metric Chief Tech Analyst William Noble said that Ethereum's price increase will continue and will reach $4,000.
He then added that ETH can still go beyond that barrier and top out at $4,300 before stabilizing. OKCoin COO Jason Lau shared a similar analysis with Noble, but he has a more bullish forecast as he said that ETH could reach $4,500, which is $200 higher than that of Noble's assumptions.
BTC Fails to Break $60k Resistance
Bitcoin bulls are struggling to make ends meet as BTC sinks back to $55,200 after getting a sudden fall from its $58,800 price yesterday.
This puts the crypto's total market value down to 46% from its 70% share since the year started.
While Bitcoin remains the largest crypto, its current movements show a growing interest in other altcoins, especially with Ethereum and the infamous Dogecoin. Crypto analysts argue that investors now prefer multiple tokens instead of focusing just on one coin.
1 BTC is currently equivalent to $54,591 as of writing.
Weighing In on Potential Price Drops
Ethereum is undeniably growing in popularity as its price continues to skyrocket. However, crypto analysts like Stockchart.com's Julius de Kempenaer said that ETH can still drop but to a minimum of $2,500 or $2,600.
Kempenaer added that he considers these price points as support levels that will set higher lows for the crypto.
Munger's 'Threat to Civilization'
While most crypto experts remain bullish about digital coins, there remain a few who think otherwise. One such person is Berkshire Hathaway Vice Chairman Charlie Munger.
The American billionaire investor shared his insights about cryptos along with Warren Buffet during the recently held Berkshire Hathaway Annual Shareholders meeting.
During the event, Munger said that digital coins, specifically Bitcoin, are extremely volatile and lacks regulation. He even used extortion funding as an example of BTC's many negative use cases.
In his own words, Munger stated that he "hates the Bitcoin success" and finds the "whole development disgusting and contrary to the interest of civilization."
Although his words share a splice of truth, this isn't anymore the case as more giant institutional investors like PayPal, eBay, Tesla, MasterCard, and Visa, are now diving into cryptocurrencies.