{"id":596380,"date":"2024-03-05T19:00:19","date_gmt":"2024-03-05T19:00:19","guid":{"rendered":"https:\/\/uniquehot.com\/?p=596380"},"modified":"2024-03-05T14:20:14","modified_gmt":"2024-03-05T14:20:14","slug":"if-bitcoin-clears-70000-how-fast-will-ethereum-ease-past-5000","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/if-bitcoin-clears-70000-how-fast-will-ethereum-ease-past-5000\/","title":{"rendered":"If Bitcoin Clears $70,000, How Fast Will Ethereum Ease Past $5,000?"},"content":{"rendered":"<p><span data-preserver-spaces=\"true\">As Bitcoin surges towards its all-time high (ATH) of nearly $70,000, analysts are closely watching Ethereum, the world&#8217;s second-largest cryptocurrency, wondering how quickly it will follow suit and break its record ATHs of approximately $5,000 printed in late 2021.<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">How Will Ethereum React When Bitcoin Breaks Above $70,000?<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">One analyst, posting on platform X,\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/twitter.com\/econoar\/status\/84991271\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">highlights<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0the difference in the two coins&#8217; positions compared to the last time Bitcoin broke above 2017 highs of $20,000 in December 2020. Then, Ethereum was trading at $600, a full 57% below its previous ATH of about $1,400.\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">As Bitcoin nears its record peak of around $70,000 registered in December 2021, Ethereum is approaching $4,000. However, the difference between then and now is that ETH is about 36% shy of its ATH of around $5,000.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/news\/bitcoin-on-the-brink-price-soars-above-68000-will-btc-break-its-2021-record\/\" target=\"_blank\" rel=\"noopener \">Bitcoin On The Brink, Price Soars Above $68,000 \u2013 Will BTC Break Its 2021 Record?<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The question in the analyst&#8217;s mind is, considering historical performance, how fast ETH will ease past $5,000. When Bitcoin broke above $20,000 in late December 2020, the analyst notes that it took approximately two months for ETH to sweep past $1,400 and record new highs. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">The boom after this breakout lifted ETH to around $5,000, accelerated mainly by retail activities cycling around decentralized finance (DeFi) and non-fungible token (NFT) minting.<\/span><\/p>\n<figure style=\"width: 1787px\" class=\"wp-caption aligncenter\"><a href=\"https:\/\/www.tradingview.com\/x\/BkQ5t9Ft\/\" rel=\"nofollow\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full\" src=\"https:\/\/www.tradingview.com\/x\/BkQ5t9Ft\/\" alt=\"Ethereum price trending upward on the daily chart | Source: ETHUSDT on Binance, TradingView\" width=\"1787\" height=\"904\"><\/a><figcaption class=\"wp-caption-text\">Ethereum price trending upward on the daily chart | Source: <a href=\"https:\/\/www.tradingview.com\/x\/BkQ5t9Ft\/\" target=\"_blank\" rel=\"noopener nofollow\">ETHUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Looking at the Ethereum price action in the daily chart, it is clear that buyers are in control. ETH prices, CoinMarketCap data <a href=\"https:\/\/coinmarketcap.com\/currencies\/ethereum\/\" target=\"_blank\" rel=\"noopener nofollow\">reveals<\/a>, are up roughly 7% in the past 24 hours and 15% in the previous week. However, how quickly ETH might repeat the prior 2020-2021 feat remains to be seen.\u00a0<\/span><\/p>\n<h2><span data-preserver-spaces=\"true\">Exploring ETH&#8217;s Chances<\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">Like in the past, the Ethereum price action benefits from the Bitcoin expansion. The revival in Bitcoin prices has seen capital flow to Ethereum, priming its broader ecosystem comprising DeFi and NFT protocols. DeFiLlama data\u00a0<\/span><a class=\"editor-rtfLink\" href=\"https:\/\/defillama.com\/chain\/Ethereum\" target=\"_blank\" rel=\"noopener nofollow\"><span data-preserver-spaces=\"true\">shows<\/span><\/a><span data-preserver-spaces=\"true\">\u00a0that Ethereum manages over $56 billion worth of assets. <\/span><\/p>\n<p><span data-preserver-spaces=\"true\">Notably, almost all top DeFi protocols in Ethereum, including Lido, Maker, <a href=\"https:\/\/uniquehot.com\/news\/uniswap\/uniswap-dapps-handle-gas-fees-on-behalf-clients\/\" target=\"_blank\" rel=\"noopener \">Uniswap<\/a>, and EigenLayer, have posted strong inflows in the past day, week, and month.<\/span><\/p>\n<figure id=\"attachment_596381\" aria-describedby=\"caption-attachment-596381\" style=\"width: 1024px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-596381\" src=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Screenshot569.png?resize=1024%2C352\" alt=\"Ethereum DeFi protocols pulling in capital | Source: DeFiLlama\" width=\"1024\" height=\"352\" srcset=\"https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Screenshot569.png?w=1128 1128w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Screenshot569.png?w=460 460w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Screenshot569.png?w=768 768w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Screenshot569.png?w=860 860w, https:\/\/uniquehot.com\/wp-content\/uploads\/2024\/03\/Screenshot569.png?w=750 750w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><figcaption id=\"caption-attachment-596381\" class=\"wp-caption-text\">Ethereum DeFi protocols pulling in capital | Source: DeFiLlama<\/figcaption><\/figure>\n<p><span data-preserver-spaces=\"true\">Aside from market-related factors, Ethereum prices are also steadied by hopes around the eventual approval of a spot Ethereum exchange-traded fund (ETF). BlackRock is among the leading asset managers to file with the United States Securities and Exchange Commission (SEC).\u00a0<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">However, the agency postponed a ruling on BlackRock&#8217;s application for a spot Ethereum ETF, citing concerns about the network&#8217;s new proof-of-stake consensus mechanism. The SEC expressed worries that staking, a core aspect of proof-of-stake, could create opportunities for manipulation.\u00a0<\/span><\/p>\n<div class=\"related-reading-shortcode\">Related Reading: <a href=\"https:\/\/uniquehot.com\/shiba-inu\/shiba-inu-price-skyrockets-heres-why\/\" target=\"_blank\" rel=\"noopener \">Shiba Inu Price Skyrockets 45%, Surges Past $0.000045: Here\u2019s Why<\/a><\/div>\n<p><span data-preserver-spaces=\"true\">The clear reservation regarding proof-of-stake cast a shadow on Ethereum&#8217;s near-term outlook despite the current uptick in prices. Still, the community finds relief realizing that the Commission rejected approving a spot Bitcoin ETF for roughly ten years before January 2024.<\/span><\/p>\n<div class=\"disclaimer-shortcode\">Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"<p>As Bitcoin surges towards its all-time high (ATH) of nearly $70,000, analysts are closely watching Ethereum, the world&#8217;s second-largest cryptocurrency, wondering how quickly it will follow suit and break its record ATHs of approximately $5,000 printed in late 2021. How Will Ethereum React When Bitcoin Breaks Above $70,000? One analyst, posting on platform X,\u00a0highlights\u00a0the difference in the two coins&#8217; positions compared to the last time Bitcoin broke above 2017 highs of $20,000 in December 2020. Then, Ethereum was trading at $600, a full 57% below its previous ATH of about $1,400.\u00a0 As Bitcoin nears its record peak of around $70,000 registered in December 2021, Ethereum is approaching $4,000. However, the difference between then and now is that ETH is about 36% shy of its ATH of around $5,000.\u00a0 Related Reading: Bitcoin On The Brink, Price Soars Above $68,000 \u2013 Will BTC Break Its 2021 Record? The question in the analyst&#8217;s mind is, considering historical performance, how fast ETH will ease past $5,000. When Bitcoin broke above $20,000 in late December 2020, the analyst notes that it took approximately two months for ETH to sweep past $1,400 and record new highs. The boom after this breakout lifted ETH to around $5,000, accelerated mainly by retail activities cycling around decentralized finance (DeFi) and non-fungible token (NFT) minting. Looking at the Ethereum price action in the daily chart, it is clear that buyers are in control. ETH prices, CoinMarketCap data reveals, are up roughly 7% in the past 24 hours and 15% in the previous week. However, how quickly ETH might repeat the prior 2020-2021 feat remains to be seen.\u00a0 Exploring ETH&#8217;s Chances Like in the past, the Ethereum price action benefits from the Bitcoin expansion. The revival in Bitcoin prices has seen capital flow to Ethereum, priming its broader ecosystem comprising DeFi and NFT protocols. DeFiLlama data\u00a0shows\u00a0that Ethereum manages over $56 billion worth of assets. Notably, almost all top DeFi protocols in Ethereum, including Lido, Maker, Uniswap, and EigenLayer, have posted strong inflows in the past day, week, and month. Aside from market-related factors, Ethereum prices are also steadied by hopes around the eventual approval of a spot Ethereum exchange-traded fund (ETF). BlackRock is among the leading asset managers to file with the United States Securities and Exchange Commission (SEC).\u00a0 However, the agency postponed a ruling on BlackRock&#8217;s application for a spot Ethereum ETF, citing concerns about the network&#8217;s new proof-of-stake consensus mechanism. The SEC expressed worries that staking, a core aspect of proof-of-stake, could create opportunities for manipulation.\u00a0 Related Reading: Shiba Inu Price Skyrockets 45%, Surges Past $0.000045: Here\u2019s Why The clear reservation regarding proof-of-stake cast a shadow on Ethereum&#8217;s near-term outlook despite the current uptick in prices. Still, the community finds relief realizing that the Commission rejected approving a spot Bitcoin ETF for roughly ten years before January 2024. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":572377,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[13625],"tags":[428,679,1119,78790,54512,8323,1946,6931,78803,82423,3799,89583,91198],"class_list":["post-596380","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ethereum","tag-bitcoin","tag-bitcoin-price","tag-btc","tag-btcusdt","tag-defi","tag-eth","tag-ethereum","tag-ethereum-price","tag-ethusdt","tag-nfts","tag-sec","tag-spot-bitcoin-etfs","tag-spot-ethereum-etfs"],"acf":[],"yoast_head":"\n<title>If Bitcoin Clears $70,000, How Fast Will Ethereum Ease Past $5,000?<\/title>\n<meta name=\"description\" content=\"Ethereum is in focus. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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