When the eyes of all the actors of the crypto world are set on Bitcoin. Other cryptocurrencies are also benefiting from the latest bull rally, which has allowed BTC to recover $ 10,000. And that has also boosted the price of virtual currencies like Ethereum, which has increased its value by more than 90% so far in 2020.
Bitcoin drag
For those of us who live in the crypto community, the increase in the price of Bitcoin is a very important event. Especially for the moment it occurs, shortly before the halving of its Blockchain expected for May. And that could bring a significant boost to the price of the cryptocurrency.
However, the influence and size of the Bitcoin market, causes the bullish rally in its price to have consequences beyond BTC. Well, as is customary in the crypto market, the trend in the price of the world’s first cryptocurrency marks the direction of the other virtual currencies.
That is because of the influence that Bitcoin enjoys since its birth, and that was consolidated in the bullish rally of the year 2017, as a reference in the crypto world. Thus, when the price of BTC advances, this generates a sense of security among investors. Which begin to locate their capitals not only in this cryptocurrency, but in altcoins such as Ethereum, Litecoin or XRP, all rising these days.
Ethereum’s takeoff
However, Ethereum’s takeoff has been different from other cryptocurrencies, due to its magnitude and speed. Well, in the weeks of 2020, the price of ETH has increased from $ 129.74 with which the year began. Until the 271.95 listed at the moment.
Maintaining an upward trend much sharper than that of Bitcoin, and which would lead it, according to market crypto analysts, to reach $ 300 in a short time. Something that otherwise is not uncommon among the altcoins, which have seen gains greater than Bitcoin so far in bullish rally.
Thus, currencies like Litecoin and Binance Coin have experienced increases in the order of 90%. While some crypto assets such as Bitcoin Cash or Bitcoin SV have grown 132% and 275% respectively. Being an example of how the bullish rally can affect all the cryptocurrencies of the world.
All this demonstrates not only the influence that Bitcoin has on the crypto market. Being the main impulse for the upward trend that marks all cryptocurrencies. But the ability of these to get their own impulses in the price, according to their capabilities as currencies. In the case of Ethereum only one of the most prominent. What makes this the Data of Today here at CriptoTendencia.
International Studies student, interested in economics and international politics. Passionate about the progress of the Fourth Industrial Revolution in general and cryptocurrencies in particular.
