Ethereum hits $500 for the first time since June 2018, outperforming Bitcoin YTD

Ethereum returned to $500 for the first time in more than two years on Nov. 20 as altcoins slowly staged a comeback from poor performance.

Data from TradingView showed ETH/USD hitting $510 at 6% daily gains at press time. Ether’s achievement delighted traders, who noted that overall in 2020, the largest altcoin has outperformed even #Bitcoin.

Year-to-date returns stand at 284% for Ether and 155% for Bitcoin.

Versus the pit of its price lows in mid March, just after the coronavirus-induced cross-asset crash, Bitcoin was still the strongest player. At the time, ETH/USD traded at just $117, making Friday’s levels an increase of 327%, while BTC/USD gained 411% from $3,600 to $18,420.

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

BrozBot analysts are projecting ETH/USD beating its current all-time highs of $1,400 by the end of 2021.

Bitcoin is approaching $19K

Bitcoin meanwhile firmly held the majority of attention on Friday, climbing to $18,850 at time of writing.

Anticipation of further gains remains strong, with 2017 highs of $20,000 forming the only major resistance level higher up the chart.

A reversal down, possibly to levels as low as $11,600, has yet to occur, with $17,200 now serving as a firm floor for bulls.

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