Economy
Ethereum Taps $730, Bitcoin Stable at $27K after Trump Eats Pork
Bitcoin had hit a new all-time high of $28,400 on Sunday before pulling back below $27k.
In the wake of President Donald Trump signing off on the $900 billion, pork stuffed, Covid “relief” bill on Sunday night, Ethereum has put on a notable 7% gain since the start of the day.
The world second largest crypto is currently priced at $738 Monday morning, as it swiftly moves on a collision course toward the $800 level.
Year to date Ethereum is up 460% …
Bitcoin has stabilized just above $27K …
Will bitcoin’s pause boost the altcoin market?
In continuation of its remarkable 2020 uptrend, bitcoin had hit a new all-time high of $28,400 on Sunday before pulling back below $27k.
As Cointelegraph Markets analyst Michaël van de Poppe at the time noted: “Bitcoin [is] undergoing a very healthy correction as it went quite vertical. Might be the temporary top for now.”
“What’s next? Consolidation, sideways action, less volatility. Giving space to the rest of the markets to pace up. $BTC pairs doing well,” he added.
William Suberg of Cointelegraph reports:
Van de Poppe is eyeing the potential for altcoins to begin their response to Bitcoin’s recent glories, arguing that signs are already beginning to appear that “altseason” is around the corner.
“After #Bitcoin finishes the run (and it is quite vertical), the money will flow towards large caps. And after that towards mid-caps and small caps,” he continued.
“Altcoins are not dead, the money flow is still the same.”
While floundering against BTC, some popular altcoins are still delivering significant returns in USD terms, with market leader Ether (ETH) trading above $700 for the first time since May 2018. Versus its lows of $113 in March, ETH/USD is now up 530%.
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