Despite the apathy of Bitcoin price, which fell to $ 30,000 on Sunday morning, Ethereum was just hitting a new all-time high.
The price of ETH has risen by 15 percent in the last 24 hours and, according to market data from CryptoSlate, is one of the top crypto assets among the top 100 by market capitalization.
Bitcoin is flat, as mentioned earlier. The cryptocurrency entered a period of consolidation over the past week that has dropped to $ 30,000 and has recovered to $ 33,000 at the time of this writing.
The community is happy about this achievement.
Circle’s Jeremy Allaire commented that the “entire” decentralized financial landscape will see “explosive growth” in the months and years ahead as Ethereum hits a new all-time high.
New ETH ATH, the entire DeFi landscape will grow explosively.
– Jeremy Allaire (@jerallaire) January 25, 2021
Alex Wice, a well-known FTX trader who has reached over $ 1 billion in volume in a single month, recently posted a tweet entitled “54% 0.1”. This might look like two random numbers, but this is an indication that Wice believes Bitcoin Dominance could rise from the current 62 percent to 54 percent, along with a 0.1 ETH to BTC ratio that is around 125 percent above the current level.
An eight percent decline in Bitcoin dominance may not sound like a huge feat, but it would result in a massive re-rating for certain altcoins, which have an extremely small market capitalization compared to BTC.
Did you think this was a joke, Anon?
𝐚𝐥𝐭 𝐬𝐳𝐧. https://t.co/wdQ0lXgr1p
– Alex Wice (@AWice) January 25, 2021
The strength of Ethereum could catalyze further altcoin growth
Chris Burniske, partner at Placeholder Capital, believes that another strength in Ethereum price versus Bitcoin could push the altcoin market up significantly.
He recently shared the following chart, which shows Ethereum is pushing for blue skies against BTC to break a critical level of resistance that could indicate massive growth is on the horizon for the largest altcoin:
“Deja vu from March 2017, when all the energy shifted from BTC (then ETF) to ETH. That is the yellow marker on the far left with the right yellow marker in January 2021. If ETH decides against BTC in a month, it will really move. “
Those who expect $ ETH to battle $ BTC instead watch $ ETHBTC push for blue skies.
If this continues, the risk is fully on. https://t.co/rVpSczBb9v pic.twitter.com/XNF1ZMU5hG
– Chris Burniske (@cburniske) January 25, 2021
We have already seen this as altcoins have exploded higher in the past 24 hours.
Uniswap, 1 inch, Aave and a number of other DeFi coins are up over 20 percent in the past 24 hours as the decentralized finance room was re-valued against other altcoin sectors and especially against Bitcoin.
Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in the assets mentioned in this article. The views displayed in this article are the opinions of the author – and the author only.
Ethereum, currently number 2 by market capitalization, has risen 6.64% in the past 24 hours. ETH has a market capitalization of USD 161.24 billion with a 24-hour volume of USD 43.38 billion.
Ethereum price table
ETHUSD chart from TradingView
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