As Ethereum rises in price against Bitcoin, analysts believe there is a possibility of an imminent jump. On the other hand, they predict that as the price of the Ethereum / Bitcoin currency pair increases, so will other coin prices.
to the the report The Ethereum / Bitcoin exchange rate fluctuated yesterday, reaching its highest level since February. Based on this jump, traders expect to see a sharp rise in the price of this currency pair in the not too distant future.
In the first two weeks of April, Bainance Quinn outperformed Ethereum. High transaction fees in the Ethereum network and a sharp increase in activities in the Bainance Smart Chain (BSC) caused Ethereum to lose the convoy to the BNB.
In recent days, Ethereum has managed to outperform Bitcoin and BNB. It should not be forgotten that Bitcoin is the market top currency and BNB is the market number 3.
Why is the price of Ethereum / Bitcoin rising?
In the last 24 hours, following the leap of the Ethereum, the’s Altcoin market also grew. This growth reduced Bitcoin’s dominance in the market by 50.7%. This is the lowest bitcoin dominance since the summer of 2018.
One of the reasons for the jump in the coin market is the further fall of these digital currencies after the offering of Coin Base shares in the Nasdaq market.
After $ 10 billion in futures were liquidated, futures markets experienced a relative recovery. This eventually led to an increase in interest in entering future markets.
Since then, we have seen an increase in demand for Ethereum, Binance Coin, Dogecoin and some other market-leading instruments.
Analysts predict in the short term that an increase in the price of the Ethereum / Bitcoin currency pair may lead to more stock jumps, which will be stronger for Altcoins.
Crypto Capo, a leading market analyst, while expressing his optimism about Ethereum’s price jump compared to Bitcoin, wrote:
The Ethereum / Bitcoin currency pair will redefine the concept of equity jump.
NekoZ, a trader in the digital currency derivatives market, said in a statement that Ethereum was showing good momentum, which could spread to the coin market. He noted:
I really like the reactions I have had so far. It will probably be the same for the rest of the week, and the price movement will accelerate around the same axis.
Bluntz, another derivatives market analyst, described the situation of the Ethereum / Bitcoin currency pair as “crazy” after Ethereum foamed.
Emphasizing the twin floor pattern in the Ethereum chart, he wrote:
Twin floor in 4-hour time frame; Bitcoin Ethereum has gone crazy again. As far as I can remember, this is the biggest flooring [اتریوم] Was. Even I closed most of my leveraged positions.
Cryptocurrency data show that the Ethereum shares in the Ethereum 2.0 deposit agreement are increasing.
This reduces the Ethereums in the exchange offices, and this may increase the upward pressure on the market.
The status of wages also shows that despite high wages, this rate is still increasing.
“Ethereum investor Aftab Hussein says:
Ethereum and Defy are heavily focused on infrastructure. Bainance Smart Chain has been able to copy and streamline this infrastructure to make it faster and more motivated to focus on the user experience. I think second-tier transaction solutions pave the way for greater scalability and enable critical innovations in smart contract wallets.
It is worth noting that the Binance intelligent chain and other first-layer fold blocks have been able to perform better than the Ethereum. Ethereum, meanwhile, and second-tier solutions could attract more regular users in the coming months.