While Bitcoin has recently spiked across all altcoins, including Ethereum, some indicators may point to a new rally for ETH.
Bitcoin’s performance last month surpassed Ethereum significantly. While Bitcoin has gained about 50% in value in the last 30 days, ETH price increase has been limited to 20% -30%. However, according to some analysts, this difference between the two may close in the coming months, given the fundamental and technical indicators of Ethereum.
Is it time for Ethereum?
With the acceleration it gained in recent weeks, Bitcoin broke the record of the last 2 years by breaking even the $ 16,000 threshold. There was a serious difference between BTC’s successful bullish rally and altcoin performances. Although the Bitcoin market dominance is currently around 63%, it has increased to 66% in this period. But most market commentators suggest that there are signs that the altcoin rally may be tying up, indicating that BTC dominance may soon decline. Analysts are also optimistic that Ethereum could lead a possible rally in this manner.
An analyst known as “HornHairs”, who has 44,000 followers on Twitter, shared a chart that reveals Ethereum’s connection with Bitcoin movements over the past few years. According to these graphical analysis, ETH may rise rapidly in the coming weeks while trying to catch up with Bitcoin.
Ethereum is far from its record price compared to Bitcoin; For this reason, it may launch an attack to close this gap in the near future. While BTC is only 20% away from its all-time high, its own record value for Ethereum is even above 100%. So, according to HornHairs, ETH could gain serious momentum to close this gap in the near future.
Interest in ETH may increase
Institutional Ethereum purchases have strengthened, according to data released by Grayscale earlier this month. The company also recently reported that it has over $ 1 billion in ETH for its customers. The company announced that its assets under management with its Grayscale Ethereum Trust product reached $ 1 billion as a milestone.
ETH may continue to rise with the Ethereum 2.0 update, according to market analysts. Ethereum 2.0 users can invest more in Ethereum as they will gain profits by replacing the miners in this innovation with validators.