While we are less than one month into 2021, the year is already proving to be a historic one for cryptocurrency.
After Bitcoin reached a new all-time high over $40K earlier this year, ETH has made waves with a new all-time high of its own. Earlier this week, the price of ETH reached roughly $1450; at press time, the price had fallen to $1,243.43.
However, while ETH’s bull run may be over (for now), a number of analysts seem to believe that this is just the beginning for ETH and the Ethereum network. What caused the push to the new all-time high, and what is next?
Bitcoin’s ‘Run-off’ Effect
Simon Peters, Market Analyst at social trading platform, eToro, told Finance Magnates that ETH’s recent meteoric rise “parallels bitcoin’s push to its previous high at the end of 2020.”
And indeed, much of ETH’s recent push to a new all-time high seems to have been partially caused by runoff from Bitcoin’s recent push past $40K.
Ben Perrin, Host of crypto-themed Youtube Series BTC…
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