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.
Chart of ETH's price action over the past few weeks from TradingView.com. ETH is now up by over 100% in the past 10 days due to the capital rotation from BTC into the altcoin market.
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, BTC is down 7.5% in the past 24 hours while Ethereum has gained nearly 40%.
This is a byproduct of Bitcoin profits cycling into altcoins at a rapid pace, which was something seen throughout 2017’s bull market.
Analysts expect this trend to continue as long as Bitcoin continues to consolidate between $32,000 and $34,000 as it did today.
A decisive break in either direction would likely end the ongoing price action that is currently playing out in the Advertisements