Altcoins have experienced an increase together with Bitcoin. Ethereum has managed to gain around 14% within 24 hours. Now ETH price is around $175.
We have been used to Bitcoin already traditionally leading the crypto market. However, it seems that the most popular altcoin is slowly but surely taking the lead. Ethereum price is rising by exquisite pace since Monday’s candle open at $142, the second-largest digital asset has rocketed 13.85% higher, reaching $175.13 just minutes ago as of the time of this article’s writing.
This is the highest price ETH has traded at since March’s capitulation event, and 88% higher than the $90 price that was that day.
This tremendous jump has liquidated more than $1.6 million worth of short positions on BitMEX including thousands of dollars more of liquidations being reported each and every minute. Do not forget, even though $1.6 million doesn’t sound like a number that big, it represents a huge slice of the whole ETH market that is, traditionally, much less liquid than it is the case with Bitcoin.
What Boosted Ethereum Price Rise?
However, everybody’s wondering – what happened that boosted Ethereum on these tracks. As always, there is more than one answer to that question or, should we say, more market trends to be considered.
According to Skew.com data, investors really want ETH. U.S. dollar-denominated open interest in the ETH contract rose to $67 million today that shows that investors are opening long positions as a response to this move. In that way, the price is pressured higher.
Also, it seems Ethereum price is catching up with Bitcoin and that is a good thing. Last month there was strong underperform and fall from $200 to $89 in just 24 hours. That is more than 50% fall so, perhaps it’s time to catch up a bit.
One of the possible reasons could also be the fact that a key technical analysis factor is playing out. Ethereum finally got out from this escalating triangle pattern that usually results in further rise for the asset.
Josh Olszewicz, a prominent cryptocurrency analyst who identified this pattern, explained that the recent breakout gives ETH a target of $200, which could be claimed within the next two days.
What About Bitcoin? Vitalik Buterin Knows
Be it as it may, predictions are that ETH could rise some more. But, what about Bitcoin?
There were numerous predictions in the last few months about Bitcoin’s possible movement. Some were right and some were very wrong.
The co-creator of the Ethereum network and its native cryptocurrency Ether (ETH) Vitalik Buterin went on to mention the two worst Bitcoin price predictions ever made since the digital currency was introduced back in 2009.
In an April 6 tweet, Buterin commented that price predictions on crypto markets are “notorious for turning out very wrong” — both on the bull and bear side.
Price predictions on the crypto space are notorious for turning out very wrong – on both the bull *and* bear side. pic.twitter.com/KkapAAxQBX
— vitalik.eth (@VitalikButerin) April 6, 2020
So, the worst bullish Bitcoin prediction was, according to Buterin, made by John McAfee, founder of major software firm McAfee and a former 2020 United States presidential candidate.
From Million-Worth to ‘Worthless’
Back in 2017, when BTC was reaching its records, McAfee said:
When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bircoin at $1 million by the end of 2020. I will still eat my dick if wrong. pic.twitter.com/WVx3E71nyD
— John McAfee (@officialmcafee) November 29, 2017
After holding his prediction for years, McAfee eventually retracted the “legendary” $1 million prediction in January 2020 and last week he called it “worthless.”
As the most inaccurate bearish Bitcoin prediction, Buterin picked a forecast from prominent American economist and famous cryptocurrency critic Nouriel Roubini. In February 2018, Roubini argued that Bitcoin was on his way to zero.
As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run…
— Nouriel Roubini (@Nouriel) February 6, 2018
However, Buterin commented that people shouldn’t forget that everyone makes mistakes and called for social incentives for saying “sane” things.
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