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Ethereum Spikes To 2.5 Year Highs As Altcoins Benefit From Bitcoin’s Recent Ascent

Ethereum has in the last 24 hours made a stride that has left it an inch away from reaching its ATH. With the breakout looking stronger than ever, the coin is set to discover a new high with most analysts expecting a week-close above $1,500.

Some further predict that ETH will pull a stance like Bitcoin by doubling from its ATH high. For Bitcoin, this was going from a high of $20,000 to $40,000. For Ethereum, this will be reaching as high as $2,800.

Ethereum Takes Spotlight Away From Bitcoin As It Finds All-Time High, But Can It Double That?
ETHUSD Chart By TradingView

In previous trends, Ethereum has pulled with it the rest of altcoins. Will it play out the same this time? Most altcoiners hope so. While a few like LINK have in recent weeks joined an elite group of coins that have reached their ATHs, a majority are still lagging. Ethereum is thought to be the trigger that unleashes altcoins and possibly a new altseason.

Following the break of a 3.5 year trend, an initial bull target over the coming days is set at $1,500 but in the weeks that follow, price should break above $2,000.

So with Ethereum leading the charge, are altcoins about to take the spotlight from Bitcoin?

Grayscale Bitcoin Accumulation Spree

Bitcoin continues to flourish in terms of key fundamentals. However, prices have stalled around the $35-$37k region, but the bullish silence is not to be mistaken for acceptance.

Ethereum Takes Spotlight Away From Bitcoin As It Finds All-Time High, But Can It Double That?
BTCUSD Chart By TradingView

Sentiments remain high with Grayscale adding to a long term bullish view for Bitcoin after purchasing half a billion dollars worth of Bitcoin in 24 hours. Grayscale, which began to buy Bitcoin last year, has been aggressively buying as this comes just days after another $700M accumulation in 24 hours.

In Q4 of 2020, Grayscale accumulated only $250M worth of Bitcoin. Their aggression in the new year is a clear indication that something big is headed in Bitcoin’s direction. Some analysts have pointed to the ‘event’ that could have pushed for the heavy buy to be the start of Biden’s presidency which is now just hours away, which is expected to be bullish for Bitcoin.

The same bullish sentiment has been echoed by popular analyst Willy Woo. The analyst predicts that a $100K Bitcoin price by end of the year is highly conservative. According to Woo, Bitcoin should easily close the year in the $200K highs.

With the latest purchase, some however raised concern over the Bitcoin concentration with Grayscale (Wall Street). The firm now holds around 3% of the total circulating Bitcoin. By the end of the year, this could easily reach 10% if the same aggressive purchasing trend continues.

Source: zycrypto.com

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