Ethereum Rockets Higher By 10% In Wake of $500 Bitcoin Flsah Crash
Volatility is back in crypto markets, that’s for sure. Ethereum (ETH) has rallied by 10% over the past number of hours, managing to somehow overcome a massive flash crash that ailed Bitcoin last night.
As of the time of writing this article, the cryptocurrency has rallied to $223, managing to break above the 200-day moving average in a decisively bullish move. The move to $223 represents a nearly 10% gain from the $203 bottom put in yesterday.
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Wednesday January 22, 2020
Out of more than 5,000 high and small-cap crypto assets, only three have displayed close to zero correlation with bitcoin. A Binance Research report published earlier Wednesday named ATOM as the cryptocurrency that is...
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Despite this, Bitcoin has remained relatively muted. The cryptocurrency has ground higher to $10,100, moving up by $500 from last night’s local bottom, but is still underperforming ETH by a fair margin.
Related Reading: Will Ethereum Golden Cross and BitPay Support Send ETH Surging?
Altcoins, interestingly, are widely underperforming Ethereum. In fact, Ethereum is actually the only cryptocurrency in this market’s upper echelons that has managed to post a strong gain in the past 24 hours, marking a very positive development for ETH bulls.
Ethereum Rally Only Starting
While Ethereum has seen a stellar surge over recent days, surging from $170 to $220 in a matter of ten days, some say that it’s rally is just starting.
You see, for much of 2019, Ethereum has absolutely tanked against Bitcoin. In fact, data from Messari’s OnChainFX shows that the cryptocurrency is still down by some 75% from its all-time high against the leading cryptocurrency.
But, the project has been graced by strong fundamentals, most of which offer fundamental reasons to purchase ETH.
Some of these include BitPay supporting Ethereum merchant payments, massive growth in decentralized finance applications, the tokenization of off-chain assets on the platform, Santander using the blockchain for bond settlement, and a “flippening” of ETH fees and BTC fees paid.
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Ethereum flipped Bitcoin in daily fees today – yay
You know what's even more striking about this image? The fees paid on the other blockchains don't even come anywhere close to Bitcoin & Ethereum which signals to me that there is practically zero demand for these platforms. pic.twitter.com/d7jlJxKOJQ
— Anthony Sassano (@sassal0x) September 18, 2019
$9,500 is Imminent For Bitcoin Despite 5% Intraday Gain: Here’s Why
Tuesday January 28, 2020
Bitcoin gained bullish momentum above the key $8,800 resistance. As a result, BTC price surpassed $9,000 and it seems like the bulls are now aiming a test of $9,500. Bitcoin price is rising and...
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These fundamentals hint at only more gains for Ethereum to come.
Featured Image from Shutterstock
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