Today there is a big difference between the results of Bitcoin (BTC) and Ethereum (ETH), the two largest cryptos on the market. While Bitcoin is clearly struggling to move forward, Ethereum is going full throttle.
As a result, Ethereum has broken out in its chart against Bitcoin. And that is good news for other altcoins, such as Ripple (XRP) and Solana (SOL).
Bitcoin is stuck, but Ethereum is rising fast
Bitcoin has now been rejected three times at the $94,000 mark in the past day. Every time the price tries to break through this, the sellers push back, resulting in a falling price.
The last attempt was made around 4 o’clock last night and after that it fell back to $ 93,000. With a current level of $93,200, the price is 0.36 percent lower than yesterday.
At the same time, we see bright green numbers behind its name on Ethereum. The largest altcoin is just above $ 3,200, which is a gain of 4.47 percent compared to yesterday. Last night the highest price since November 16 was reached.
ETH takes back the lead in the market
Then we take the ETH/BTC graph. Simply put, this shows how much power Ethereum has compared to Bitcoin. If it moves up, then 1 ETH is exchangeable for more BTC than before.
Since Tuesday, the graph has risen almost 7 percent. That has caused it to now rise above a declining trendline, as seen in the chart below from analyst Matthew Hyland.
Ethereum has significantly outperformed Bitcoin for months, but since August things have returned to normal. Prices have mainly fallen in recent times, but Ethereum has given up some more ground.
If Ethereum manages to maintain this breakout, there will be a new period in which the altcoin takes the lead. This means that investors dare to take more risks and other altcoins can also reap the benefits.
Source: https://newsbit.nl/goed-nieuws-voor-altcoins-ethereum-breekt-uit-tegenover-bitcoin/
