News
    Home   >     Industry    >     Main body

    Ethereum targets $1K after ETH, altcoins rally versus Bitcoin

    Abstract:ETH is making serious inroads in both BTC and USD terms in what a Cointelegraph analyst says is a classic sign that altcoins are coming back from the dead.

      William Suberg

      Jan 03, 2021

    Ethereum targets $1K after ETH, altcoins rally versus Bitcoin

      ETH is making serious inroads in both BTC aND USD terms in what a Cointelegraph analyst says is a classic sIGn that altcoins are coming back from the dead.

      78404 Total views

      523 Total shares

      Listen to article

      0:00

      Market Update

      Ether (ETH) has broken a critical price point against Bitcoin (BTC), signalling that altcoins may be about to see huge gains.

    Cryptocurrency market overview. Source: Coin360I'd take Ether bet"all day long" — Winklevoss

      Data from Cointelegraph Markets, Coin360 and TradingView showed ETH/BTC pass the essential 0.026 level in just one daily candle on Jan. 3.

      After staying weak throughout December, Ether has rebounded in the first few days of 2021, and Sunday's performANCe could be the start of something much bigger.

      As Cointelegraph Markets analyst Michaël van de Poppe noted last week, 0.026 BTC is a significant breakout point, and flipping it to support indicates"strength and continuation" of a bullish resurgence.

    "Its time for #Ethereum, #Polkadot, #Cardano, #Chainlink and more to break all-time highs," he told Twitter followers on Sunday.

    "I do believe that we're seeing money shift from BTC towards altcoins and that Ether has bottomed out on the BTC pair," EXplained Van de Poppe."So probably continuation of altseason in this quarter with the topping out of Bitcoin dominance." He added:

    "But hey, a Bitcoin correction would be appreciated too."
    ETH/BTC 1-day candle chart (Bitstamp). Source: TradingView

      At press time, ETH/USD was approaching landmark price levels of its own, taking aim at $1,000 on the back of 21% daily gains. The last time that the pair traded at four figures was in January 2018.

    "$ETH was the best performing asSet (up 450%) of 2020 hands down and still below its all-time high," Cameron Winklevoss, entrEPreneur and co-founder of exchange Gemini, added on Twitter.

    "Today its the equivalent of 15K #Bitcoin I would take that bet all day long."Altseason is here at least?

      With the prospect of"altseason" now firmly back on the menu, top ten market cap altcoins are showing signs of life against Bitcoin.

      Litecoin (LTC) is up 18% against the largest cryptocurrency, while Bitcoin Cash (BCH) is 13.3% higher and Cardano (ADA) 9.7%.

      Even XRP, still struggling on the back of legal action against Ripple, is finding its feet again with 3.5% daily progress in BTC terms. Bitcoin's overall market cap dominance remains above 70%.

    Bitcoin market cap dominance historical chart. Source: CoinMarketCap

      As Cointelegraph reported, meanwhile, a longer-term commitment to altcoins may also prove lucrative this year. Mining Ether, for example, could net over $120,000 per annum.

    • #Altcoin
    • #Ethereum
    • #Bitcoin Price
    • #Markets
    • #Ether Price

      Related News

    •   Blockchain to Disrupt Music Industry and Make It Change Tune

    •   Universal Passport gives devs and users access to multiple blockchains

    •   Celebs and crypto in 2020: Blockchain cities, Bitcoin newbies and Twitter trolling

    •   Top 5 cryptocurrencies to watch this week: BTC, ETH, DOT, BNB, UNI

    •   Bitcoin price rally cools down as Polkadot gains 34% in first week of ‘altseason’

    •   Price analysis 12/30: BTC, ETH, XRP, LTC, BCH, DOT, ADA, BNB, LINK, BSV

        

      Loading

      Editors Choice

    • The biggest winner of Bitcoin's rally? DoGECoin. DOGE price soars 105% in one week
    • Andreessen Horowitz joins push against FinCEN's 11th-hour crypto rules
    • 'Insane' ETH fees delay launch of AAVEgotchi NFT game
    • OCC greenlights national banks to run nodes and stablecoin networks
    • BINANCE hits record high of $80B in daily volume as crypto markets surge

      Cointelegraph YouTube Subscribe

      Advertise with us

      Bitcoin BTC/USD

      31,376.68 +1.14%

      Ethereum ETH/USD

      1,034.16 +6.71%

      Litecoin LTC/USD

      155.49 +2.62%

      Ripple XRP/USD

      0.23 +0.82%

      EOS EOS/USD

      2.82 +2.03%

    Article involves exchange