ETH blasted past $450 overnight, reaching a high of $477, before settling around $460 this afternoon.
While the last few days have seen ETH increase relative to Bitcoin, today’s rise was the opposite, with Bitcoin leading the charge with a huge spike overnight, briefly passing $8K.
Bitcoin’s rise reverberated across the entire crypto ecosystem, as you can see in the chart below from http://coinmarketcap.com
The chart below tracks the total crypto market cap (all coins combined). Quite a spike overnight.
Zooming out this chart looks really encouraging to me. This is an important chart overall to understand overall crypto market momentum. Also note the volume spike at the very end – another positive indicator.
I think this latest BTC movement is setting ETH up for an even bigger move – a slingshot effect if you will. Until the sharp BTC spike overnight, ETH started reversing it’s downtrend vs. BTC –
The chart below shows just how far ETH has fallen in relation to Bitcoin since February. My opinion is that ETH will rise on the ETH/BTC ratio over the short term and beyond – and the chart below could very well show a bottoming out.
I think that ETH jumping to $460 – while going down on the ratio – helps create a slingshot effect. The move this weekend could be surprising large. After all, this is crypto.
I’m working on a few posts that will explain Blockchain and more as I described yesterday. Might have something up later tonight.
Edit – 6pm ET
ETH is now leading the rally as it continues to push higher, now sitting at $480. Note the big green candle in the ETH/BTC chart around 5pm ET today.