{"id":453650,"date":"2021-01-04T07:35:47","date_gmt":"2021-01-04T07:35:47","guid":{"rendered":"https:\/\/uniquehot.com\/?p=453650"},"modified":"2024-06-11T14:12:27","modified_gmt":"2024-06-11T14:12:27","slug":"ethereum-price-explodes-past-1100-as-bitcoin-stagnates","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/ethereum-price-explodes-past-1100-as-bitcoin-stagnates\/","title":{"rendered":"Ethereum Price Explodes Past $1,100 as Bitcoin Stagnates"},"content":{"rendered":"

Ethereum is in the midst of rocketing higher despite stagnation in the Bitcoin price. Just minutes ago, the cryptocurrency pierced $1,100 after holding the $1,000 price level.<\/p>\n

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Chart of ETH's price action over the past few weeks from TradingView.com<\/a>. ETH is now up by over 100% in the past 10 days due to the capital rotation from BTC into the altcoin market.<\/pre>\n
The cryptocurrency has since corrected back under $1,100 but remains up by over 36% in the past 24 hours. BTC is strongly underperforming in this latest leg of the bull market. Per CoinGecko<\/a>, BTC is down 7.5% in the past 24 hours while Ethereum has gained nearly 40%.<\/p>\n
This is a byproduct of Bitcoin profits cycling into altcoins at a rapid pace, which was something seen throughout 2017’s bull market.<\/p>\n
Analysts expect this trend to continue as long as Bitcoin continues to consolidate between $32,000 and $34,000 as it did today.<\/p>\n
A decisive break in either direction would likely end the ongoing price action that is currently playing out in the altcoin market.<\/p>\n
Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment<\/a><\/h6>\n
Ethereum Price Explodes Higher, And More May Be Coming<\/strong><\/h2>\n
Ethereum is expected to move higher in the days and weeks ahead as the market seemingly remains under-allocated to the cryptocurrency.<\/p>\n
Matt Kaye, a managing partner of Blockhead Capital, recently said that he thinks ETH will soon move to a new all-time high and beyond.<\/p>\n
He noted that institutions are starting to take notice of Ethereum while trends surrounding DeFi will further drive demand for the coin.<\/p>\n
With Grayscale’s Ethereum Trust also soon reopening, ETH should continue to see an influx of demand, Kaye suggested.<\/p>\n
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I don't see how $ETH<\/a> doesn't rip through ATH & head toward $2k:<\/p>\n
-Under allocated
-No pullbacks to enter
-Institutional interest
-ETHE unlock (pay back borrow)
-New ETHE round opening w\/ high premium
-$600 stim checks
-Lower unit cost & marketcap
-Defi \/ EIP 1559 \/ L2
-Name brand pic.twitter.com\/qJX2REXhk7<\/a><\/p>\n
— Horus \ud83d\udc41\ufe0f (@h0xrus) January 4, 2021<\/a><\/p><\/blockquote>\n