- Ethereum triggers rally for the wider market
- Altcoins are leading the charge instead of Bitcoin
- Ethereum is showing signs of more good things to come
Cryptocurrency News Today – according to a recent analysis on the Ethereum network, there is over 1.15 million accumulated in ETH. This is the reason behind the latest rally that has been led by ETH. The overall digital currency market has already broken a one week pattern since beginning the week trading in the red region.
This time the digital asset started the week testing its weekly lows. It also ended the high it started a few weeks ago. The coin was also noted to be similar to what we last saw back in 2017. Beginning from yesterday, the digital asset market appears to have reverted to a positive trend. Despite ending the past week testing the high points, the market begins this week reaching for the highs it saw recently after the weekends’ dip.
Ethereum Triggers Wider Market Rally
Ethereum is arguably one of the tokens that have been keen to do better. Over the past 24-hours, the coin has broken its range. This has triggered a wider crypto market rally. This rally has seen the majority of altcoins standout against Bitcoin. Ethereum’s positive action has trickled down the market. Most altcoins have gained 2% to 5% over the past 24-hours.
BTC is now at a critical area of resistance at $9,800 and it’s looking like it could lose to altcoins. Ethereum has over the past few hours posted gains of about 6%. This means that the digital asset has managed to break above the $210 mark to reach the $215 high. In recent weeks, Ether has been struggling to break the $185 to $205 price range.
Ethereum is Showing Signs of More Good Things To Come
Earlier in the past week when ETH dipped to the $185 support area, many users started to accumulate due to the prospect of posting highs if the above support holds. When the week ended, the digital asset eventually bounced back to the $200 mark but it has struggling to stay above this area over the weekend. Ethereum is also expecting a fresh upgrade which will be in the form of the Ethereum 2.0 protocol in the future.
If this becomes successful, a bullish catalyst will drive in new prospects for ETH. Last week, Reddit also announced that it would launch a token on the Ethereum network. Finally, speculation grew that Visa is looking to use Ether for its newly patented crypto. All of these have brought in investors. Considering that there is little going on in other projects, many are ready to back Ethereum which is why they are accumulating it.