cointelegraph.com
Ether (ETH) price is seeing green in its Bitcoin (BTC) pair on April 21, reaching the highest levels since early February. Given the technical breakout of ETH/BTC, traders are beginning to expect a strong rally in the foreseeable future.
During the first two weeks of April, ETH was outperformed by Binance Coin (BNB), the native token of Binance Smart Chain.
The high transaction fees on Ethereum coupled with the high user activity on Binance Smart Chain led BNB to gain momentum against Ether.
However, in the past few days, ETH price has started to rally against both Bitcoin and BNB, the first and third largest cryptocurrencies in the global market, respectively.
Why is ETH rallying against Bitcoin?
In the past 24 hours, led by Ether, the altcoin market gained against Bitcoin, causing the Bitcoin Dominance Index to fall to 50.7% on CoinMarketCap, the lowest level since summer 2018.
This decreases the circulating supply of ETH on exchanges, which should put upward pressure on the price of ETH.
The increase in fees, which is verifiable through on-chain data, also indicates that activity continues to rise on Ethereum despite the already high fees.
Aftab Hossain, an Ethereum and investor, said:
"Ethereum / DeFi has focused heavily on infrastructure, which BSC was able to copy and centralize to make it faster with an incentive to focus on integrated UX i think cheaper L2 tx's will enable for greater scaling and will allow for critical smart contract wallet innovation."
Binance Smart Chain and other layer ones have been performing strongly against Ethereum, but the release of Eth2 and layer two solutions could make Ethereum more compelling for casual users in the months to come.