Bitcoin crossed $9k earlier today and has been above that since then. The price could be heading towards $10k in the next few days, no way to tell. However, comparing historical price growths, Ethereum rose to $450 the last time Bitcoin hit the $10k mark. The question is will the trend repeat itself in the current bull market?
The price surge for Bitcoin has not been very friendly towards altcoins and although the alts are also pressing to go up, they are not rising as fast as Bitcoin. Like Bitcoin, Ethereum, the second largest cryptocurrency by market cap has made an impressive move upwards as well. However, the price is not as close to $450 as Bitcoin is to $10,000.
Bitcoin at the current price of $9,088 will only need nearly $1000 to hit $10,000. Ethereum, on the other hand, is at $270, requiring just about $180 to hit $450. However, the rate of price gain for Ethereum seems slow enough for Bitcoin to hit $10,000 first as Bitcoin has demonstrated a much faster growth.
Things may change a little later though and history could repeat itself. A technical analyst known on Twitter as Rekt Capital pointed out a rather “new paradigm”. Bitcoin dominance in the cryptocurrency market is rising simultaneously with the altcoin market cap.
This is indeed curious because as at yesterday, Bitcoin dominance was making significant progress and there was fear of it surpassing 60% and trampling altcoins in the process.
A simultaneous rise of the two could, therefore, be a pointer to the possibility of history repeating itself with Ethereum hitting $450 when Bitcoin hits the $10k price level. This may just be one of the several repeated patterns that have been highlighted.
The Bitcoin market has particularly demonstrated several similarities with previous patterns that point to a strong bull market. There has been a panic that altcoins would be left behind if Bitcoin dominance grew disproportionately, but with the recent indication of simultaneous growth, a bull market for all could be coming soon. According to the charts, Bitcoin dominance has reduced to 57% signaling hope for altcoins.