It has been a troubling week for Bitcoin as it tried its best to remain persistent at $50K but couldn’t manage to keep strong at the specific level of resistance, and that is why it plummeted strongly. It is once again back from the $50K and lying somewhere in the $48-$50K zone. On the other hand, Ethereum has had a great run the past several weeks, it couldn’t have such a perfect run throughout the year, and it is assumed that it is the beginning of a bullish cycle for Ethereum while Bitcoin till trying to keep rigid at the proposed resistance levels. According to a survey, the price of Ethereum almost bumped the $4K price tag, and it is assumed that Ethereum will be able to cross it any time now.
As compared to Bitcoin, the altcoins did have a productive week, and this is not only about the near-perfect performance presented by Ethereum. It seems that altcoins are picking up the pace as the technology is getting more advanced, and the developers for these altcoins did have a lot of years to build a near-perfect blockchain utilizing all the knowledge of trial and error as presented by Bitcoin but even, so these altcoins have a long way to go.
Ethereum’s Outstanding Performance
Ethereum has managed to surge by 22%, it is only a few weeks ago that it was trading at $3100, and now it is close to cross $4K, which might happen any time soon as it happens. As for Ripple, it is up 1.5% despite its tug with the SEC (Securities and Exchange Commission), Polkadot has managed to bring in another 2.5%, and Chainlink is up 3%.
Bitcoin really needs to even the odds and get back to the competition soon as now is the perfect time to break down the $50K approach and for a bullish run to accompany bitcoin for some time into the future. Because sooner than later, the market-wide corrections are going to kick in, and who knows then where Bitcoin, along with other cryptocurrencies, stand.