Ethereum (ETH) may be on the rise after a rough fall in recent months. While Bitcoin (BTC) continues to set new highs, ETH is up more than 20% this week alone. ETH breached the $3,000 resistance for the first time since August, reaching a local peak at $3050. Some analysts believe it may go after Bitcoin and even reach its $10,000 exchange rate.
Following the US presidential election and interest rate cut, altcoins have taken off. Bitcoin dominance has increased, meaning altcoins are far behind the performance of the world’s leading digital asset. However, the situation for altcoins seems to be changing now, with many increasing by more than 30% after the election of Donald Trump.
Ethereum has been lagging behind Bitcoin since the approval of spot Bitcoin ETFs, but it has recently broken significant resistance. The world’s second largest cryptocurrency and leading DeFi network is now able to end the trend that saw it fall behind Bitcoin. This could open the door for other altcoins to rally and potentially see the parabolic movement of smaller capitalization assets.
