Ethereum (ETH) rockets to new all-time high despite apathy in Bitcoin price

Ethereum just rocketed to a new all-time high despite the apathy in the Bitcoin price, which fell toward $30,000 on Sunday morning.

The price of ETH is up 15 percent in the past 24 hours, making it one of the top-performing crypto assets in the top 100 by market capitalization, according to CryptoSlate market data.

Bitcoin is flat, as suggested earlier. The cryptocurrency has entered a period of consolidation over the past week, falling as low as $30,000, then bouncing back toward $33,000 as of this article’s writing.

Community reacts

The community is excited about this accomplishment.

Jeremy Allaire of Circle commented that with Ethereum setting a new all-time high, the “entire” decentralized finance landscape is set to see “explosive growth” in the months and years ahead.

Alex Wice, a prominent FTX trader that did over $b billion worth of volume in a single month by himself, recently posted a tweet “54% 0.1.” While this may look like two random numbers, this is an indication that Wice thinks that Bitcoin Dominance could hit 54 percent from 62 percent right now, along with a 0.1 ETH to BTC ratio, which is around 125 percent higher than the current level.

While Bitcoin Dominance dropping by eight percent doesn’t sound like a large feat, it would cause a massive re-rating in certain altcoins, which have extremely small market capitalizations compared to BTC.

Ethereum strength could catalyze further altcoin growth

Chris Burniske, a partner at Placeholder Capital, thinks that further strength in the Ethereum price relative to Bitcoin could push the altcoin market seriously higher.

He shared the chart below recently, which shows that Ethereum is pushing for blue skies against BTC as it aims to pass above a critical resistance level that may indicate there is massive growth on the horizon for the largest altcoin:

“Getting deja vu from March 2017, when all energy shifted from $BTC (ETF at the time) to $ETH. That’s the far left yellow mark, with the right yellow mark Jan 2021. When $ETH decides to move against $BTC in a month, it really moves.”

We’ve already been seeing this take place as altcoins have exploded higher over the past 24 hours.

Uniswap, 1inch, Aave, amongst a swath of other DeFi coins have rocketed over 20 percent higher in the past 24 hours as the decentralized finance space re-rates against other altcoin sectors and against Bitcoin most importantly.

Disclaimer: This author is an analyst at ParaFi Capital. ParaFi Capital may hold positions in assets mentioned in this article. The views displayed in this article are opinions of the author—and the author only. 

Ethereum, currently ranked #2 by market cap, is up 6.64% over the past 24 hours. ETH has a market cap of $161.24B with a 24 hour volume of $43.38B.

Ethereum Price Chart

ETHUSD Chart by TradingView

Like what you see? Subscribe for daily updates.

Source link

Latest articles

Jack Dorsey’s Square has ‘no plans’ to purchase more Bitcoin ‘at this point’

Digital payments company Square, led by Twitter CEO Jack Dorsey, decided to hit the brakes—at least for the time being—on Bitcoin...

Bitfinex hacker will need 114 years to launder $7 billion worth of stolen Bitcoin

Only 4% of nearly 120,000 Bitcoin (around $7 billion today) stolen by a hacker from crypto exchange Bitfinex in 2016 have...

This firm turned an old power plant into Bitcoin farm—and mined $60 million in a year

Over the past few years, private equity firm Atlas Holdings has created arguably the most ambitious and self-sufficient Bitcoin mining facility...

Mark Cuban reaffirms Bitcoin plans after Tesla snub sparks concerns

Billionaire ‘Shark Tank’ star Mark Cuban said today that Dallas Mavericks, the Cuban-owned NBA basketball team, will continue to accept Bitcoin...

Related articles

Leave a reply

Please enter your comment!
Please enter your name here