Bitcoin went below $60k earlier today as the bulls stopped for a moment to catch their breath. The largest cryptocurrency by market capitalization had a largely bearish day as the cryptocurrency index had a considerable price decrease despite considerable bullish momentum. But, what was Bitcoin’s loss was Ethereum’s gain as the latter only experienced a minor drop and registered an overall increase in its BTC trading pair. Some of the other cryptocurrencies also followed this Ethereum trend and posted appreciation against the BTC despite losing some value in USD terms.
Bitcoin’s Sudden Decline
Bitcoin’s progress slowed down after a historic Saturday as the cryptocurrency went above $60k for the first time in its history. However, Sunday and later on early Monday turned out to be quite slow for the cryptocurrency as the progress stalled and it fluctuated a lot around $60k, above and below the historic value. Soon enough, the market underwent a price correction and now it is trading well below the $60k level.
On the other hand, the altcoins instead of making a massive plunge in worth showed mixed performances with many of them posting smaller price decreases than Bitcoin itself. Ethereum was one of them. Ethereum’s price index dropped but less than that of Bitcoin so the overall ETH/BTC remained stable and even posted a slight increase. The index largely remained between 0.029–0.031 and will likely have a solid support at around 0.027. Ethereum owners needn’t worry a lot about the price decrease, yet.
Why didn’t Ethereum Respond?
Altcoins do have a history of a belated response to Bitcoin’s rise as well as fall. As we saw earlier that Bitcoin went way above $60K and posted a new all-time high, the altcoins remained stuck at their relative levels and have largely remained around that levels even though Bitcoin increased 10% and then came back crashing down hard a few days later. This shows that the altcoin community is not yet ready to respond to the new signals from the BTC market and may take its time. If Bitcoin continues to post a price tank, the altcoins will be next and if the history of the crypto world has taught us anything, altcoins tank harder than Bitcoin when the time comes and much more violently.
But, Ethereum is different than your average altcoin and can stand on its own against Bitcoin if it has to. The recent updates on the Ethereum blockchain especially regarding rollups and scaling might make the network much more appealing much more quicker. So, it might continue to post positive increases against Bitcoin in the near future if all goes well for the decentralized ecosystem.
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