Altcoins Outpaced BTC In Crypto Rally – ETH Is Poised To Surge Above $300
The crypto market looks pretty bloody today, with most of the digital assets trading in the red.
This is after Bitcoin managed to surpass the important $10k limit the day before, but a few hours after that, the king coin dropped a lot in price in just 15 minutes.
At the moment of writing this article, BTC is trading in the red and the king coin is priced at $9,523.05.
It seems that during the past week, altcoins have stolen the spotlight away from BTC despite the strong bounce-back of the king coin from back in March.
Back in March, Bitcoin fell pretty hard in a matter of hours, and the king coin was trading below $4,000.
But, as you can see now, in just a short amount of time, BTC managed to recover, and now, it’s been consolidating below $10k.
The online publication the Daily Hodl noted that the biggest gainers from the past week were Cardano (ADA) and Ethereum (ETH).
Ethereum is posed to surge above $300
As of June 1st ETH was up by 25%. But yesterday, the coin saw a harsh correction, when BTC fell as NewsBTC also noted.
The online publication writes that “Bitcoin crashed $1,500 in three minutes on BitMEX, while other cryptocurrencies such as ETH experienced losses in their own markets. ”
The same online publication also brought up John Bollinger, an important technical analyst known for making the indicator the “Bollinger bands.”
He told traders to be cautious:
The is a Head Fake at the upper Bollinger Band for $btcusd, time to be cautious or short.
— John Bollinger (@bbands) June 2, 2020
Ethereum is primed to fall towards the low-$200s after yesterday’s correction but is still on track to hit $300 by the end of June, according to him.
At the moment of writing this article, ETH is trading in the red and the coin is priced at $237.15.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.