ETH’s $1000 Price Point Has Just Been Reached While BTC Stagnates

ETH’s $1000 price point has just been reached as Ethereum started its strong price surge while Bitcoin stagnates, as we can see more in the latest ETH news.

Just a few moments ago, the cryptocurrency skyrocketed above $1,100 before holding the $1000 price level for a few hours. The cryptocurrency corrected slightly after that but remains up by over 36% in the past 24hours. BTC is underperforming the latest leg of the bull market as it got down by 7.
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5% in the past 24 hours while ETH gained about 40%. This is a byproduct of the latest cycles of profits into altcoins at a rapid pace which is something that was seen in the 2017 bull market.

I don't see how $ETH doesn't rip through ATH & head toward $2k:

-Under allocated
-No pullbacks to enter
-Institutional interest
-ETHE unlock (pay back borrow)
-New ETHE round opening w/ high premium
-$600 stim checks
-Lower unit cost & marketcap
-Defi / EIP 1559 / L2
-Name brand pic.twitter.com/qJX2REXhk7

— Matt.sBTC 🧐 (@Matt__Kaye) January 4, 2021

Analysts expected this trend to continue as long as Bitcoin stagnates and manages to consolidate between $32,000 and $34,000 as it did a day ago. The strong break in either direction will likely end the ongoing price action which is playing out in the market as of late. Ethreum is expected to move higher in the upcoming days and weeks ahead of the market seemingly remaining under-allocated to the crypto.

According to Matt Kaye, the managing partner of BlockHead Capital said that he think ETH will soon move to a new all-time high and even further. He noted that the institutions are starting to take notice of ETH while the trends surrounding DeFi will drive the demand for the coin more. With Grayscale’s Ethereum trust reopening soon, ETH will continue to see more influx of demand according to Kaye. ETH’s $1000 price point has just been reached recently, with more price surges expected soon.

As for what’s in store for ETH in 2021, With more applications deployed on ETH, more developers will join the community and the ETH price will increase but not necessarily correlating with the increase in Bitcoin price. Ethereum already has more developers than BTC as Phillippe Bekhazi who is the CEO of Stablehouse platform noted that 2021 will see a “continuation of a bull market” for both BTC and ETH. With the user experience gap in crypto soon to be solved as well as the ETH scaling, the institutional interest in BTC and the growth in DeFi will bring 2021 a lot of exciting things and more openness to the mainstream.