Ethereum (ETH) has hit its highest price since September 23, while Bitcoin (BTC) bulls are eyeing a move above $10,000.
Ethereum, buoyed by recent positives, has jumped 9 percent in the past 24 hours to see its price against the U.S Dollar top $209. It is the highest price level ETH has traded since September 23, 2019, when its price touched a high of $211.
Galaxy Digital CEO Mike Novogratz has noted that a crypto rally is nigh. According to him, ETH is primed for some big moves now it has broken above $200, while BTC will break above $10k to trigger the price race.
Ethereum (ETH), the largest of the large-cap altcoins, broke above the $200 mark on Wednesday when its price jumped from $186 to a high of $206. The crypto is now riding on renewed positive sentiment that could see it rally higher. Recently, Ethereum researchers and developers held a largely satisfying AMA, even as ETH2.0 deployment inches ever closer.
ETH is up 20.7 percent over the past 7 days and 45 percent over the past 30 days. Ethereum has also edged stronger against BTC, 5.11 percent up in the past 24 hours.
Bitcoin (BTC) to break above $10,000
BTC price has added $395 in the past 24 hours, a +4.2 percent price movement that cements recent gains above $9,600.
On Monday, Chinese stock markets reopened, coinciding with a bitcoin surge that pushed prices to its highest price point year-to-date. Crypto market observers have been quick to point BTC’s latest push towards a possibility that investors have flocked into bitcoin following fears over coronavirus.
In October last year, BTC price spiked to $10, 350 after Chinese president Xi Jinping commented about accelerated adoption of blockchain. A downtrend then saw bitcoin dip to a low of $6.5k in mid-December. Prices have however been on an uptrend since the start of the year, and BTC bulls see another surge clipping $10k. Thereafter, pre-halving FOMO could push BTC closer to its all-time high price.
Ethereum (ETH) rally similar to other altcoins
Ethereum (ETH) price movements are mirrored elsewhere in the altcoin market. At press time, Bitcoin Cash (BCH), Litecoin (LTC) Ethereum Classic (ETC), Tezos (XTZ), EOS (EOS) and Bitcoin SV (BSV) are some of the top altcoins showing big gains.
The biggest gainers among the top 10 cryptocurrencies are Bitcoin Cash (BCH) and Bitcoin SV (BSV). The BCH price has jumped 13 percent over the past 24 hours, while the BSV price is up 11.5 percent. Ethereum Classic (ETC) has gained 9 percent, Litecoin (LTC) 5 percent and EOS (EOS) 7 percent.
XRP, the third-largest cryptocurrency by market cap, is up marginally at 1.2 percent in the past 24 hours. However, the XRP/USD pair has traded higher in the last 7 days, recording gains above 19 percent.
The overall cryptocurrency market cap currently stands at $272 billion, with Bitcoin dominance at 64.2%.