Owing to its overwhelming market dominance and the fact that it shares a high correlation with the industry’s altcoins, Bitcoin and its price movement have always had a major impact on the fortunes of the rest. This has been the case off-late too, with many alts climbing on the back of Bitcoin’s hike in August. However, some didn’t follow BTC’s lead, while others like Ethereum were starting to note corrections after peaking on the charts.
Ethereum, the world’s most popular altcoin, has been on quite a run over the past few weeks, with ETH surging exponentially since the last week of July. While Bitcoin’s hike did help the market’s altcoins, it only gave even more impetus to ETH’s price performance. In fact, at the time of writing, ETH was trading at levels unseen since August 2018.
It must be noted, however, that while ETH did climb by over 15% to correspond with Bitcoin’s own surge, at press time, it was noting substantial corrections, with ETH down by over 5% in the last few days.
Corrections did not imply a trend