Summary:
- Ethereum looked set to retest $400 as a result of general bullishness in the crypto-markets
- However, Bitcoin’s dominance has continued to grow and ETH might have to wait for the BTC excitement to subside
- Bitcoin is on a path to close the month of October on a very bullish note
Ethereum’s push towards the crucial $400 price area is once again being delayed by a bullish Bitcoin stealing the spotlight and capital away from altcoins such as ETH. For the month of October, Bitcoin has stolen the show in terms of trade volume and market cap dominance in the crypto markets.
In the next few hours, Bitcoin (BTC) will once again dominate the headlines as it closes the month of October in what looks like the highest monthly close since it was introduced to the crypto-verse 12 years ago. At the time of writing, Bitcoin is trading at $13,831 and looks set to close the month at this level or even above $14k.
Ethereum’s Push Above $400 Will Have to Wait For the BTC Party to Be Over
Earlier today, the Co-Founder and CEO of the Gemini Exchange, Tyler Winklevoss, pointed out that Bitcoin’s bullish momentum was just getting started. According to Mr. Winklevoss, the Bitcoin party is just beginning and more BTC gains are expected in the near future. His bullish comments regarding Bitcoin can be found in the Tweet below.
#Bitcoin chilling at 13.5k and it's not even Halloween! Like I said before, this party hasn't even started
— Tyler Winklevoss (@tyler) October 31, 2020
This means that for the next few days or even weeks, Bitcoin will be the center of attention in the financial markets. Therefore traders will divert their trading capital to BTC in an attempt to capitalize on the bullish wave up to what looks like a $20k retest or a new all-time high.
Reiterating what Tyler Winklevoss stated, the Bitcoin party could just be starting and altcoins will continue to be hammered in the cryptomarkets as BTC attracts the attention of institutional investors. Proof of the latter can be seen in yesterday’s Wall Street Journal front page cover that can be found below.
