Crypto

Ethereum Outperforms Bitcoin And Dogecoin Competitors In Massive Rally, Analysts Predict Reversal | Cryptocurrency

  • Ethereum, the second-largest cryptocurrency by market capitalization, eclipsing Bitcoin and Dogecoin, posted a 10.4% gain overnight.
  • Analysts predicted a correction in the price of Ethereum in anticipation of the growth of the altcoin to the level of $1600.
  • The mind-boggling story where Ethereum’s market cap exceeds Bitcoin’s market cap is back on trend, proponents are waiting for Ethereum’s big move.

The price of Ethereum delivered nearly 13% overnight gains to holders, leaving Bitcoin, Dogecoin, and other altcoins in the shadows. Analysts believe that the narrative that Ethereum’s market capitalization surpasses Bitcoin’s market capitalization has become relevant. Proponents are waiting for a big success for Ethereum as the altcoin prepares to flip bitcoin.

Read also: Bitcoin price: Will BTC rise above $28,500 after a record low volatility period?

Reversal on the horizon as Ethereum outperforms Bitcoin in a massive rally

Bitcoin price volatility hit an all-time low in the last week. The largest asset by market capitalization went bust as altcoin rival Ethereum delivered huge profits to holders overnight. The price of Ethereum briefly touched the $1,500 level on October 26, with the second-largest cryptocurrency up 18.4% over the past week.

Proponents attribute Ethereum’s recovery to broader market conditions. US stocks are rising for the third day in a row, S&P 500 and Nasdaq are rising. Since the cryptocurrency market has a high correlation with the US stock market, it is believed that the recovery of Ethereum is due to the same.

Open interest in Ethereum rose significantly on October 25th. Open Interest is defined as the number of open positions (including long and short positions) currently in ETH-USD trading pairs on a derivatives exchange. It is considered a key indicator of the Ethereum price trend.

Another key driver of Ethereum price growth is the supply of altcoins. Ethereum’s total supply has increased by 13,086 tokens in 23 days, according to data from the money platform Ultrasound. With increased activity on the network and Ethereum’s deflationary monetary policy, the altcoin’s total supply is approaching what it was on September 15th.

Analysts are predicting a correction before Ethereum hits $1,600.

Mikael van de Poppe, a crypto analyst and trader, believes that Ethereum is ready to take a giant step forward. According to the analyst:

A big $1,320 flip causes a continuation move to $1,500. [Ethereum] will return [Bitcoin] this cycle, but now is not the time to hunt. Look for healthy fixes to play your next $1600 move.

The analyst predicted the price of Ethereum to rise to $1600 after the correction of the altcoin.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker.