Bitcoin (BTC) is close to $ 16,000 after Binance reached $ 15,960. After the change in cryptocurrency regulation, analysts are now looking at Ether (ETH). Ethereum’s first blockchain brand was added last week. After the negative performance of Bitcoin in October, the potential for the rise of the new Ethereum began to increase.
There are two main reasons why reviewers expect Ethereum to work hard in the short term. The bottom line is, after the release of Ethereum 2.0, the capital of the Bitcoin market can be transferred to ETH. Second, ETH recently tested key levels of resistance, increasing the chances of increasing the rate. Considering that the altcoin market is high in history after the Bitcoin rebellion began, the timing of the upcoming ETH operation is correct.
Capital transfer from Bitcoin to Ethereum?
Since May 21, the price of Bitcoin has risen by about 33%. The main opposition areas exploded in a row, starting at $ 13,000. When initially Bitcoin was over $ 13,000, a large number of whales were based on this trend. This indicates that whales are accumulating BTC, making a $ 13,000 development support area.
After BTC received support at $ 13,000 for the first time since July 2019, it continued to rise. Over time, it confirmed that $ 13,500 was the next level of support, followed by $ 14,000 and most recently $ 15,000. When Bitcoin started to rise, analysts said it was bad for altcoins because it began to absorb most of the trade in cryptocurrency trading. As a result, as Bitcoin rises, more altcoins have fallen against Bitcoin and the US dollar.
From October to early November, the strong Bitcoin potential affected the altcoin market, but Bitcoin price levels showed that high market sentiment in the case of cryptocurrencies has recovered. In this way, if the success exceeds $ 15,000, it could cause a lot of money to become very dangerous games, including ether.
Dennis Vinokurov, head of research on cryptocurrency exchange and broker Bequant, told Cointelegraph that Bitcoin currency could be transferred to the Ethereum and Ethereum environments. After the economic downturn since the beginning of September, the fiscal market has been very active for the past 48 hours.
After a sudden ether recovery, DeFi tokens such as Year.finance’s YFI and Uniswap’s UNI are up almost 30%. Therefore, Vinokurov stressed that the broader Ethereum environment could soon benefit from the rise of Bitcoin:
“All eyes are on Bitcoin, which has already risen to $ 15,000. However, recent developments in Ethereum may return some money to Ethereum and its wider environment. This. it does not mean that Bitcoin will be actively traded, but the system is locked.
Following the rise of Bitcoin, above Ethereum’s high-profile history, cryptocurrency traders have said Ethereum could rise to prominence against Bitcoin. Michael Van de Pope, a full-time trader on the Amsterdam Stock Exchange, says the ETH / BTC trading group has reached a major support position. Van de Poppe said: “It has taken a long time, but $ ETH has reached the area of 0.026 that we have been discussing,” is considered an important support area for ETH.
Ethereum version 2.0 launches
In the future, the release of Ethereum 2.0 is significant for Ethereum, as network upgrades will significantly increase Ethereum’s business capabilities. This will enable the new DeFi cycle (if possible) to last longer as it will reduce the risk of network confusion and high sales costs. Since Ethereum 2.0 supports staking, which allows users to assign 32 ETH to the network in exchange for rewards, it can reduce the ETH supply for exchange transactions.
According to the blog “Why Proof of Slavery”, Ethereum founder, Vitalik Buterin, gambling on Ethereum will bring 15% to users. Since the return rate is based on ETH rights and not the US dollar, if the ETH exchange rate continues to increase, the impact of debt will increase. Therefore, analysts expect more investors to accumulate Ethereum owners, thus reducing pressure on retailers.
The market and the public have been expecting Ethereum 2.0 for several years, but its release has been delayed due to challenges.