ETH is making serious inroads in terms of BTC and USD, which a Cointelegraph analyst says is a classic sign that altcoins are coming back from the dead
Ether ( ETH ) broke a price critical point in relation to Bitcoin ( BTC ), signaling that altcoins may be about to make big gains.
I would bet on Ether „all day“ – Winklevoss
Data from Cointelegraph Markets , Coin360 and TradingView showed that ETH / BTC surpassed the essential level of 0.026 in just one daily sail on January 3.
„I believe we’re seeing the money shift from BTC to altcoins and that Ether has hit rock bottom on the BTC pair,“ explained Van de Poppe. „So probably the continuation of a season this quarter with the end of Bitcoin Rush dominance“. He added:
After remaining weak throughout December, Ether recovered in the early 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 breaking point, and turning to support indicates „strength and continuation“ of a bullish resurgence.
„It’s time for #Ethereum, #Polkadot, #Cardano, #Chainlink and more to break all-time records,“ he told Twitter followers on Sunday.
„But hey, a Bitcoin correction would be appreciated too.“
Until now, ETH/USD was approaching its own reference price levels, targeting $ 1,000 based on daily gains of 21%. The last time the pair was traded at four figures was in January 2018.
„$ ETH was the best performance (up to 450%) in 2020 hands down and still below its all-time high,“ Cameron Winklevoss, entrepreneur and co-founder of Exchange Gemini, added on Twitter.
„Today it’s the equivalent of 15K #Bitcoin. I would bet all day.
Is Altseason here at least?
With the prospect of „altseason“ now firmly back on the menu, the top ten altcoins with market capitalization are giving signs of life against Bitcoin.
Litecoin (LTC) rose 18% against the largest cryptomeda, while Bitcoin Cash (BCH) is 13.3% higher and Cardano (ADA) 9.7%.
Even XRP , still fighting behind a legal action against Ripple , is recovering again with 3.5% daily progress in terms of BTC. The overall market capitalization of Bitcoin remains above 70%.
While Cointelegraph reported, a long-term investment with altcoins may also be profitable this year. Ethereum mining, for example, could yield more than $120,000 per year.