In the last 24 hours, Ethereum has gained around 5%. This solid gain has been the best among the top 20 cryptocurrencies by market cap. More importantly, it comes when Bitcoin has stalled at the $7,400 position.
The positive price action from Ethereum shows that the altcoin could climb above $140 in the next few days. Bitcoin, on the other hand, is at a critical point where climbing above $7,500 means further upward price action while a slip could see a retest of the $7,100 support.
Although Bitcoin recording little action has not been welcomed, it is an ideal opportunity for altcoins. Traders will look to altcoins that are recording substantial price action like Ethereum and take higher positions. This will see their price action accelerate and Bitcoin market dominance shaken.
At current levels, Bitcoin is down by 46% from its year high. With 2019 coming to a close in less than 48 hours, many experts have taken a bullish position on where prices are headed in the new year. For many like Bitcoin investor Mike Novogratz, Bitcoin is set to top its 2019 year high. Most of these predictions are based on growing adoption, upcoming reward halving, and world economies slowing.
Is Ethereum (ETH) Set For Gains In 2020?
For Bitcoin, the stage looks all set for big gains. But will Ethereum and all other top altcoins at large enjoy great gains in the coming year? As we have seen in 2019, it is possible for Bitcoin to rally and leave behind other altcoins, sometimes in fact, it is at the expense of the altcoins. Will we see the same in 2020 or will altcoins catch up and possibly perform better than Bitcoin?
A huge turnaround is needed to see altcoins begin performing equally or better than Bitcoin. Most, including Ethereum, are trading below long term supports. Traders are yet to take any long positions as they don’t see most rallying to reach all-time highs anytime soon.
Fortunately, this could easily change in the first few months of the new year. Price action is mostly driven by project developments and adoption. For Ethereum, for instance, the launch of Ethereum 2.0 on Jan 1st could propel prices up.
For many of the projects, 2020 needs to be about project developments and adoption. In the long run, this is what counts and ensures the success of a cryptocurrency.