Ethereum is in the midst of a spike in spite of the fact that Bitcoin price is stagnating. A few 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 below $ 1,100, but is up over 36% in the past 24 hours. BTC is showing strong underperformance in this latest phase of the bull market. According to CoinGecko, BTC is down 7.5% in the past 24 hours while Ethereum is up almost 40%.
This is a by-product of bitcoin profits pouring into altcoins at a rapid pace, which was seen in the 2017 bull market.
Analysts expect this trend to continue as long as Bitcoin consolidates between $ 32,000 and $ 34,000 as it is today.
A major breakthrough in either direction would likely end the current price movement currently taking place in the altcoin market.
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The price of Ethereum is skyrocketing and more could come
Ethereum is expected to climb higher in the coming days and weeks as the cryptocurrency market does not appear to be adequately allocated.
Matt Kaye, managing partner of Blockhead Capital, recently said that he believes ETH will soon hit a new all-time high and beyond.
He noted that institutions are starting to take notice of Ethereum as trends surrounding DeFi will continue to fuel demand for the coin.
With Grayscale’s Ethereum Trust reopening soon, ETH should continue to see demand, Kaye suggested.
I don’t see $ ETH ATH failing to break through and head towards $ 2k:
-No retreats to enter
– Unlock ETH (borrow repayment)
-New ETHE round opening with high premium
– $ 600 stim checks
– Lower unit cost and market capitalization
-Defi / EIP 1559 / L2
-Name brand pic.twitter.com/qJX2REXhk7
– Matt.sBTC @ (@Matt__Kaye) January 4, 2021
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Featured Image from Unsplash Chart from TradingView.com Price Tags: ethusd, ethbtc Ethereum Price Explodes Past $1,100 as Bitcoin Stagnates