Bitcoin shocked the finance world yesterday rocketing more than $1,000 to over $13,000 per BTC at the high. Today, Ethereum is following suit, with 6% already on the books and a chance to soar much higher is here.
Here’s what to watch for in ETH and the signs to watch for if the altcoin will catch up to Bitcoin’s massive rally.
Ethereum Blasts $25 Intraday For More Than 5% Pump
The second-ranked cryptocurrency isn’t letting Bitcoin soak up all the limelight, and has followed the top cryptocurrency’s showstopping pump yesterday with a rally of its own.
Related Reading | Crushing Bitcoin Dominance Could Decimate Altcoins Through Q1 2021
Following a breakout from an inverse head and shoulders bottoming pattern, Ethereum has already risen 6% intraday from low to high, all while Bitcoin has pulled back
Ethereum breaks out from bottoming formation, targets retest of 2020 highs | Source: ETHUSD on TradingView.com
Another 2020 Higher High Could Be Next For Top Ranked Altcoin
Ethereum’s outperformance of Bitcoin on the USD pair can also be reflected in the duo’s ratio. On the ETHBTC trading pair, Ethereum has also gained over 5% on the day against the leading crypto asset by market cap.
Bitcoin set a new 2020 high yesterday but has still come up short of setting a higher high over the 2019 peak. Ethereum, however, has done so, and another higher high in 2020 would point to a continued uptrend into the next year.
Top-ranked altcoin begins to overtake Bitcoin on ratio | Source: ETHBTC on TradingView.com
Both top crypto assets benefitted enormously from yesterday’s reveal that PayPal would soon support them, alongside Litecoin and Bitcoin Cash. With both Bitcoin and Ethereum looking this bullish, and other altcoins following, a new crypto bull market could finally be brewing.
Featured image from Deposit Photos, Charts from TradingView