„Now it’s the altcoins‘ turn“ – Ether & Co. gain on Bitcoin
ETH is gaining on Bitcoin and the US dollar, and other altcoins can also take share from the market leader.
Ether (ETH) has cleared a Bitcoin Era crucial hurdle in direct trading with Bitcoin (BTC), which could be the first hint that all „alternative cryptocurrencies“, the so-called „altcoins“, will soon be making significant gains.
A good deal?
As data from Cointelegraph Markets, Coin360 and TradingView shows, the ETH/BTC currency pair climbed above the 0.026 BTC mark today, 3 January.
After going sideways for most of December, the second-ranked cryptocurrency has already picked up in the first couple of days of the new year, with this one potentially being the starting gun for a full-blown high.
This optimism is well-founded, as Cointelegraph Markets analyst Michaël van de Poppe noted last week, the 0.026 BTC level is a key resistance level, so jumping above it underlines „strength and staying power“ of the current uptrend.
„Now it’s the turn of #Ethereum, #Polkadot, #Cardano, #Chainlink and some other altcoins with new record highs,“ as the full-time trader on the Amsterdam exchange therefore opines.
„I am convinced that capital will flow from Bitcoin into the altcoins, and that Ether has formed a floor against Bitcoin,“ as van de Poppe explains. „The altcoins will get their high this quarter, which is why Bitcoin’s market dominance will get smaller again,“ the expert continues. So with that, he predicts that the altcoins will gain more against the market leader. Even if Bitcoin continues to rise, the gain of many other cryptocurrencies will be even greater.
However, van de Poppe would not be averse to a downturn of the market leader:
„I would also welcome a downturn in Bitcoin.“
As we went to press, the ETH/USD currency pair was also heading for an important mark. A 21% daily gain brings the Ether price ever closer to the US$1,000 mark. In January 2018, the Ethereum cryptocurrency was last able to push into the four-digit range.
„ETH is clearly the best performing cryptocurrency of 2020, up 450%, with the price still well below the previous record high,“ as Cameron Winklevoss, co-founder of crypto exchange Gemini, states to that effect on Twitter. And further:
„For Ether today, we are about where #Bitcoin was at $15,000. That’s a deal I’d take in a heartbeat.“
Has the altseason begun?
The so-called „altseason“, i.e. the flight to the top of altcoins, seems closer than ever again, as the market capitalisations of the top 10 altcoins are rising again compared to Bitcoin.
Litecoin (LTC), for example, has gained 18% against the market-leading cryptocurrency, while Bitcoin Cash (BCH) and Cardano (ADA) have each gained 13.3% and 9.7% respectively.
Even XRP, which has been nosediving following the indictment of issuer Ripple, can make up 3.5% ground on BTC today. Bitcoin’s market dominance nevertheless remains above 70%.