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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market
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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Ethereum Price Explodes Past $1,100 as Bitcoin Stagnates

Nick Chong
Nick Chong
1 year ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
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Ethereum is in the midst of rocketing higher despite stagnation in the Bitcoin price. Just minutes ago, the cryptocurrency pierced $1,100 after holding the $1,000 price level.

Chart of ETH's price action over the past few weeks from TradingView.com. ETH is now up by over 100% in the past 10 days due to the capital rotation from BTC into the altcoin market.

The cryptocurrency has since corrected back under $1,100 but remains up by over 36% in the past 24 hours. BTC is strongly underperforming in this latest leg of the bull market. Per CoinGecko, BTC is down 7.5% in the past 24 hours while Ethereum has gained nearly 40%.

This is a byproduct of Bitcoin profits cycling into altcoins at a rapid pace, which was something seen throughout 2017’s bull market.

Analysts expect this trend to continue as long as Bitcoin continues to consolidate between $32,000 and $34,000 as it did today.

A decisive break in either direction would likely end the ongoing price action that is currently playing out in the altcoin market.

Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment

Ethereum Price Explodes Higher, And More May Be Coming

Ethereum is expected to move higher in the days and weeks ahead as the market seemingly remains under-allocated to the cryptocurrency.

Matt Kaye, a managing partner of Blockhead Capital, recently said that he thinks ETH will soon move to a new all-time high and beyond.

He noted that institutions are starting to take notice of Ethereum while trends surrounding DeFi will further drive demand for the coin.

With Grayscale’s Ethereum Trust also soon reopening, ETH should continue to see an influx of demand, Kaye suggested.

I don't see how $ETH doesn't rip through ATH & head toward $2k:

-Under allocated
-No pullbacks to enter
-Institutional interest
-ETHE unlock (pay back borrow)
-New ETHE round opening w/ high premium
-$600 stim checks
-Lower unit cost & marketcap
-Defi / EIP 1559 / L2
-Name brand pic.twitter.com/qJX2REXhk7

— Horus 👁️ (@h0xrus) January 4, 2021

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash
Chart from TradingView.com
Price Tags: ethusd, ethbtc
Ethereum Price Explodes Past $1,100 as Bitcoin Stagnates
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Nick Chong
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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