Bitcoin has reached record highs. After trading at five cents per token in , Bitcoin reached almost $, per token in . In , was at $. and rose to just over $, in .

However, the day the leading cryptos reached their peaks, both closed below the previous session’s low, putting in bearish key reversals on the daily charts. Bitcoin and plunged, with Bitcoin reaching a low of $, and falling to $, in January. The leading crypto lost around .% of its value, while fell %.

However, the two leading cryptos by market cap have recovered since the late January lows. Over the past weeks, has taken the lead over Bitcoin accelerating more significantly on a percentage basis, though Bitcoin remains the leader, with a market cap that s more than double that of .

While the two leading cryptocurrencies are not currently running away to the upside on Apr. , they did break out of consolidation patterns to move a bit higher.

The weekly chart shows that have made lower highs since Nov. . After reaching a bottom on Jan. , a pattern of higher lows emerged. Bitcoin broke out above its first technical resistance level at the early February high of $, during the final week of March, breaking the bearish pattern. Bitcoin is trading above the $, level at time of writing on Apr. .

The weekly chart of nearby shows the same pattern, moving above the early February high of $,, and breaking the pattern of lower highs. While Bitcoin was around the breakout level on Apr. and has since slipped a bit lower, was around $ per token higher on Apr. , though it too has now moved lower.

In Q , Bitcoin futures dipped just .% lower while posted a .% loss. The cryptocurrency asset class’s market cap dropped to $. trillion on March from $. trillion at the end of , a .% decline. Thus, during Q, Bitcoin outperformed the asset class while underperformed.

However, since the Jan. lows, has taken the leadership baton. Nearby Bitcoin futures reached a low of $, and were at the $, level on Apr. , a .% gain. Over the same period, futures moved to $, from $,, or .% higher.

is currently rolling out its . version. Among the upgrades to the ETH ecosystem will be a shift from PoW to PoS protocols.

Bitcoin and . have proof-of-work protocols PoW which use a competitive validation method to confirm transactions and add new blocks to the blockchain. PoW tends to be highly energy-intensive, as it requires substantial computing power.

Proof of stake PoS is a cryptocurrency consensus mechanism for processing transactions and creating new blocks in a blockchain. PoS allows owners of cryptocurrencies to stake their tokens, giving them the right to check new blocks of transactions and add them to the blockchain. PoS requires far less energy than PoW protocols.

Perhaps the primary reason for ’s recent outperformance over Bitcoin is the rollout of . and its leaner, greener PoS protocol. The anticipated launch date for . is sometime during June .

Nevertheless, Bitcoin remains the -pound crypto gorilla as of Apr. by virtue of its much heftier market cap.

The chart above shows that has a long way to go to catch up with Bitcoin. On Apr. , Bitcoin’s $.-billion market cap was more than double ’s $.-billion total valuation.

In an asset class flooded with , other tokens and rising, Bitcoin and are by far the leaders. Only tokens have market caps above the $-billion level, and Bitcoin and are the only cryptos worth more than $. billion.

The breakout from the wedge pattern of lower highs and high lows has not yet ignited Bitcoin and . However, if the past volatile performance of the leading cryptos is a guide, that market could be on the verge of another explosive move since digital tokens have alternated from price explosions to implosions, then back to explosions over the past years.

If prices begin to rise, a herd of speculative buying is likely to return to the market. Bitcoin and will undoubtedly attract the most significant interest because of their liquidity and past performance.

As well, over recent weeks has moved into the leadership position as a rapid mover via its substantial percentage gain since the late January lows. While the asset class’s price variance could take prices to new highs above the Nov. peaks, past performance never guarantees future results. Still, from a technical perspective I wouldn’t be surprised to see another explosive rally in the cryptos.