During yesterday’s trading, Ethereum took advantage of Bitcoin’s debilitating dominance to hit an all-time high.
Despite the bearish turnaround experienced by the second largest cryptocurrency today, Ethereum saw its first bullish rally to hit a record $ 2,600 and gain nearly 10% in daily trading. This was in the midst of a fall that Bitcoin and the rest of the cryptocurrency market experienced.
While Ethereum has corrected almost 11% since then – a bearish decline after the brief rally – analysts remain bullish on the altcoin’s health. With DeFi, NFTs, and other projects that rely on Ethereum, it is likely that this will be a temporary hiatus with a bullish spike plausibly on the way.
As reported yesterday, Bitcoin’s dominance has taken a big blow. It has since fallen below 50%. Experts predict that this number will mark the start of the “alt season,” when the altcoins in the market experience a flurry of new investors and trading volumes. In the past, Bitcoin’s breach of dominance was picked up by seeing Altcoin green.
While this might be the case, the market is currently looking red with few tokens showing gains at the time of writing.
Ethereum – on the verge of a possible outbreak?
According to Raoul Pal, CEO of Real Vision, Etheruem could overtake Bitcoin in terms of adoption, use case and possibly value. He told his Twitter followers:
To be brutally honest, I stare at the ETH / BTC map and see a huge rounded floor with a potentially large eruption right above it. pic.twitter.com/85hfawq0bx
– Raoul Pal (@RaoulGMI) April 21, 2021
In the thread he continued:
“When you set a price in DeFi, NFT, Community Token, or even Metaverse worlds, the price is basically set in ETH, including the time of the designers, etc. ETH is quickly becoming the currency of the digital world, and BTC is the pristine security and base layer. ”