The latest bullish dynamic of Ethereum pushed the price to a higher late. In reality it was less than 24 hours before that the $2,800 mark was reached by the world’s largest altcoin, and ETH was even closer to this amount at press time.
While this growth in the crypto-market was supposed to take place due to the strong principles of ETH, it prompts one to think, “What is BTC going on in the market and its leadership from the front?”
A little known fact is that Bitcoin dominates the cryptomarket. When the BTC fell below 50 k$, the latest price correction faced by altcoins collectively. Since then while numerous Altcoins have been able to rebound inspiringly and even achieve new highs, the price of BTC remained well below $55k – a change diametrically opposed in the April price action of BTC.
The dominance of BTC on altcoins like ETH now decreases, according to the data provided by Santiment. The data showed how Ethereum over the last couple of months closed the gap in Bitcoin’s domination. When BTC has continued its fight with its latest ATH, it can signal a slight shift in the operations of the crypto-market.
The price decreased to around $2.2k in the last week when the ETH was on its way. It could bounce back up, however. Interestingly, the Altcoin also saw a remarkable and important rise in addresses over a similar time frame, culminating in the price of a new ATH.
The bullish prospect of ETH for traders is guaranteed as the coin, in spite of its high price, does not seem susceptible to a short-term price correction. Instead, ETH is highly proportioned by investors who hod the coin for over a year and are reliant on the long-term prospects.
The network is also stable and the hash rate of ETH today hit a new ATH according to Glassnode info. In recent months this has increased and consecutive ATHs seem to be reasonably routine. Moreover, ETH is already a tempting gamble for most merchants, as the rising price will bounce back faster than BTC. Glassnode has recorded that a further peak of 57,488,552.762 is the number of earnings addresses of the ETH (7d MA).
These parameters formulate a very sophisticated ETH scenario in the next month. This also confirms that in the coming weeks the Altcoin will reach the coveted $3,000 price range if it is not hampered by a BTC market upheaval.