Week In Review: End Of BTC/Altcoin Correlation? ETH/BTC Diverging!

2:00 am, Mon, 12 July 21

Current Bitcoin Data

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Heat map showing the return of the top 30 cryptocurrencies by market cap for the week

The bearish trend in the crypto market continued all through this week with just a few days of price rally for recovery. We are also currently seeing a price divergence occur between Bitcoin and Ethereum.

This price divergence between the ETH price and BTC is very important to the altcoin market because if it goes through we could see a major change in the fundamentals of crypto trading and how the price of Bitcoin and Altcoins move in correlation.

ETH and BTC Price Divergence

BTC trending lower on the 4-hour timeframe. Watch this key level playing out

While Bitcoin is trending lower in a descending channel pattern on the 4-hour timeframe, Ethereum is rallying higher after finding support at the $2,025 key level on the 4-hour timeframe.

ETH price trading at key support. Will BTC/ETH correlation end?

If this ETH rally continues while BTC sells off, we might finally see the break in price correlation between ETH and Bitcoin. And once this happens there is a very high probability that we might see the ETH value rally begin to soar and perform way better than Bitcoin in the coming days.

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Can ETH One Day Become The Biggest Cryptocurrency?

ETH market capitalization

With a current market capitalization of $248.48B, Ethereum is the second-largest cryptocurrency in the world. However, the value Ethereum brings into the cryptomarket and other key sectors is next to none.

If ETH manages to break the price correlation with Bitcoin, we might see massive investment flow into this project as crypto traders rush into it for its potential upside.

ETH bullish price prediction on the 4-hour timeframe. Watch this key support

How Will This Affect The Altcoin Market

An Ethereum breakout to the upside would be a very positive development for the Altcoin market. This could change the dynamic of Altcoin as we see new projects begin to have a totally different price chart from that of Bitcoin even as the Daily timeframe continues to sell.

Bitcoin price is still bearish on the daily timeframe.

We can expect to see how this divergence in price develops as the day goes by. We will keep a close eye on it as the price develops.

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This week’s Cryptocurrency Performance by Market Cap

Name7 Days Return30 Days Return
BTC-2.11%-7.91%
ETH-7.95%-9.06%
BNB6.10%-6.01%
DOGE-12.50%-31.99%
ADA-6.41%-6.01%
XRP-6.95%-24.24%
DOT-1.75%-26.63%
BCH-3.76%-13.23%
LTC-5.08%-17.24%
LINK-2.64%-13.73%

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