Tuesday, October 19, 2021

Bullish ETH/BTC pair revives the Ethereum ‘flippening’ discussion

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Bitcoin and the general cryptocurrency market noticed minor losses on April 29 because the market heads into the expiry of $4.2 billion value of (BTC) choices contracts. 

Knowledge from Cointelegraph Markets and TradingView exhibits that since reaching a excessive above $56,400 on April 28, the value of Bitcoin has dropped greater than 6% again down close to the $53,000 assist stage whereas Ethereum (ETH) continues to commerce above $2,700.

BTC/USDT 4-hour chart. Supply: TradingView

Regardless of the lull in market exercise, indicators of mainstream cryptocurrency integration proceed to emerge on a near-daily foundation. Earlier at this time Coinbase introduced that customers can now purchase up to $25,000 value of cryptocurrency per day utilizing their PayPal account.

And it is not simply monetary establishments which can be integrating blockchain expertise to assist obtain monetary aims. The federal government of Ethiopia revealed a partnership with Enter Output Hong Kong (IOHK), the analysis and growth arm behind Cardano (ADA). The objective of the brand new partnership is to us blockchain expertise to overtake its schooling system.

ETH/BTC begins to climb greater

Whereas Bitcoin continues to battle beneath the $55,000 resistance stage, the ETH/BTC pairing has began climbing greater in a transfer that was predicted by multiple analysts, together with Actual Imaginative and prescient CEO Raoul Pal. The bullish motion within the ETH/BTC pair has additionally reignited conversations about Ether worth evetually flipping BTC.

ETH/BTC 4-hour chart. Supply: TradingView

According to Élie Le Rest, partner at digital asset management firm ExoAlpha, Ether has been getting stronger against Bitcoin since the end of March with the upcoming upgrade which includes EIP 1559 being “seen as a strong catalyst of the recent ETH bull-run.”

This increased momentum is a signal for Le Rest that the market may be in a “buy the rumor, sell the news configuration that may drive the price up until EIP 1559 is released in July this year.”

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Le Rest said: 

“Overall, this Ethereum upgrade is getting closer to ETH 2.0, with features like shifting from a proof-of-work to a proof-of-stake chain including a burning fee mechanism. Those upcoming features are a great incentive for investors to tag along, contributing to ETH’s strong recovery against BTC, but it’s still very early to put the flippening topic on the table again.”

A few altcoins make gains

The slumping price of Bitcoin weighed down the wider cryptocurrency market on Thursday with a majority of altcoins experiencing minor losses.

Daily cryptocurrency market performance. Source: Coin360

Some notable exceptions to the pullback embrace Syscoin (SYS), which at one level spiked 45% to $0.50 and the Binance Sensible Chain-based Venus lending platform, whose XVS token rallied 30% to $97.90, only a greenback in need of its all-time excessive.

Waves (WAVES), a multi-purpose blockchain platform, additionally skilled a 20% surge that lifted the token to a brand new report excessive at $23.43.

The general cryptocurrency market cap now stands at $2.035 trillion and Bitcoin’s dominance price is 48.8%.