Ethereum, the second-largest cryptocurrency, hit a fresh all-time high of $2,575 at 11:35 a.m. UTC on the Bitstamp exchange.
The top altcoin continues to eat away at Bitcoin's market share, which is now sitting at a multi-year low.
Ether is up more than 13 percent over the past 24 hours while Bitcoin remains flat.
Technical and fundamental strength
Earlier today, Real Vision Group's Raoul Pal spotted an "enormous rounded bottom" on the ETH/BTC chart, predicting a huge breakout on the verge of the aforementioned price spike.
By asserting dominance in DeFi and NFTs, Ether is now becoming "the currency of the digital world," Pal claims. He also made a comment about selling his whole Bitcoin stash for Ether, which obviously did not sit well with Bitcoiners:
At this point in the risk cycle and with ETH 2.0 coming (cheaper fees and less supply), I'm struggling to not sell all my BTC to move my entire core position to ETH. To be clear - I'm a massive BTC bull, but I think ETH is the better asset allocation for performance right now.
A shot in the arm from Canada
Three Ethereum exchange-traded funds simultaneously went live on April 20 on the Toronto Stock Exchange, allowing Canadian investors to easily get exposure to the token.
On April 21, the CI Galaxy Ethereum ETF (ETHX) logged $44 million in trading volume, maintaining its lead over the Purpose Ether ETF that recorded $30 million. All ETFs saw greater volume on the second day of trading, which is "very rare," according to analyst Eric Balchunas.