Ether reaches $ 500 for the first time since June 2018, surpassing Bitcoin YTD

November 19, 2020 Coin Payment

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Ether (ETH) returned to $ 500 for the first time in more than two years on November 20, as altcoins slowly staged a poor performing comeback.

Overview of the cryptocurrency market from Coin360.

Ether price sees $ 500 after more than two years

Data from Cointelegraph Markets, Coin360 and TradingView showed that ETH / USD briefly hit the psychologically significant barrier in trading on Friday before a rejection halted progress.

Despite being capped at around 6% daily gains at press time, Ether’s result delighted traders, who noted that overall in 2020, the largest altcoin outperformed Bitcoin (BTC) as well.

YTD returns stand at 284% for Ether and 155% for Bitcoin.

Compared to the pit of its mid-March price lows, just after the coronavirus-induced cross-asset collapse, Bitcoin was still the strongest player. At the time, ETH / USD was trading at just $ 117, causing Friday’s levels to rise by 327%, while BTC / USD gained 411% from $ 3,600 to $ 18,420.

Bitcoin vs Ether price chart year to date. Source: data on digital assets

In addition to the $ 500 visit – Ether’s first since June 2018 – other major altcoins also showed signs of life, most notably Litecoin (LTC), which with 12% gains outperformed Bitcoin over the course of the day, and is l ‘the only major altcoin to outperform BTC in the past month – by 7%.

Earlier, Cointelegraph Markets analyst Michaël van de Poppe argued that a new “altseason” should have waited, but that a realistic high for Ether’s next bull run could be up to $ 20,000.