Ethereum has not set a new 2-year high. In the early hours of Sunday, the largest altcoin has rallied more than 15% which has seen it climb above $400.
In just a week, Ethereum has climbed from around a high of $300 to top $400. This gain is owed to the imminent launch of Ethereum 2.0 which is now days away.
Additionally, there is an implosion of a wider market rally that is sweeping most top coins further accelerating Ethereum.
When it was first suggested by Crypto Michael that the next Ethereum bull phase could potentially see it reach $500, many were in doubt. It was hard to see Ethereum doubling in a few weeks.
But the doubters have been silenced in a few days. ETH is well on track to reach $500 and more buyers can see it now clear as day. This means is FOMO status will go even more ballistic and possibly see this target achieved and surpassed.
Ethereum Decoupling From Bitcoin
With this move as well, it is clear that the Bitcoin-Ethereum correlation has been broken. After months of Ethereum following the price pattern set by Bitcoin, it is now decoupling and forging its own path. This will not only be ultimately crucial to its success but to that of altcoins.
If ETH can continue to push itself and inspire altcoins, Bitcoin will be outperformed and lose in dominance as investors shift their attention and resources to altcoins. At the time of press, Bitcoin’s dominance is clinging on 61%. Generally, a weak dominance starts when it topples under 60%.
The latest price surges, which have also seen Bitcoin climb above $12K and XRP above $0.32 have ultimately seen the total market cap reach over $350B.
Now investors have the crucial job of ensuring that these highs lead to higher supports. Furthermore, the bullish sentiment does not fizz out in the next few days.
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