Ethereum Explodes to $570 as Capital Cycles From Bitcoin Into Altcoins

Ethereum Explodes to $570 as Capital Cycles From Bitcoin Into Altcoins

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Ethereum is exploding higher despite a strong Bitcoin correction just hours ago. The price of Bitcoin fell as low as $17,500 on leading exchanges this morning as the institutional buying that kept the price afloat during the week abated over the weekend.

BTC has since bounced back since hitting those lows. Ethereum, too, has rallied: the Altcoin

‘ href=”https://www.newsbtc.com/dictionary/altcoin/”>altcoin

market, including gains in leading DeFi coins and in older cryptocurrencies from the previous bull market.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

Ethereum is Facing Strong Selling Pressure

While analysts are hopeful that Ethereum will continue to explode higher, one analyst recently noted that order book data shows that the

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

ETH2 Inches Closer

This rally comes as ETH2 has inched closer as well.

Ethereum founder Vitalik Buterin recently commented on the token-economics of ETH2:

“In two years the main task will be to stabilize and cherish what we will have built. Until then, participation in Ethereum is unavoidably in part a prediction that the roadmap is a good one and that once this upgrading process ends we actually will get to a place where the network is efficient and stable and powerful and capable of being the base of significant parts of the global economy.”

Analysts expect Ethereum to rally in the longer run as ETH stakers can earn a regular yield paid in ETH.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
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