Altcoins Steal the Limelight from Bitcoin?

Although the Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, altcoins have continued their strong show

The Bitcoin price rally has paused above $75,000 a day after Donald Trump’s victory, but altcoins have continued their strong show.

The Ethereum price took the lead with 11% gains all the way to $2,850 levels. Investors are wondering if this marks the beginning of the much-awaited altseason moving ahead.

Altcoins Steal the Limelight from Bitcoin?

On the day of Donald Trump’s victory on November 6, the Bitcoin price touched its all-time high levels surging all the way to $75,000. While the bulls try to defend these levels, altcoins seem to be grabbing the investors’ focus.

The Ethereum price has managed to pull off 12% gains moving all the way to the $2,850 level and eying further rally to its all-time high levels. This comes despite strong selling pressure from Ethereum whales. Popular crypto analyst IncomeSharks noted that the ETH price has given a crucial breakout from the downward trendline slope, which opens the gates for a 75% rally from here to new all-time highs.

$ETH – Breakout. 75% move from here to an all time high. $3k first. pic.twitter.com/29KJzgk4Ex

— IncomeSharks (@IncomeSharks) November 7, 2024

Furthermore, after hitting the lower lows over the past few months, the ETH/BTC trading pair has notched up a bit. “With ETH/BTC at 0.035 it definitely makes sense to start hedging,” added Cowen. However, he noted that for the bottom formation confirmation, the ETH/BTC pair must end above the 50 DMA.

I would watch #ETH / #BTC here.

If it can get above the 50D SMA, the there is a good chance that ETH/BTC has bottomed. pic.twitter.com/dXNYj2sDvY

— Benjamin Cowen (@intocryptoverse) November 7, 2024

The post Altcoins Continue to Shine as Bitcoin Price Rally Pauses Above $75K appeared first on CoinGape.

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