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As Ethereum Rises, is Bitcoin Taking a Hit?

Ever since the $300 high price surge of Ethereum in June of 2017, investors have been waiting for the price to go back up after the following crash. Unfortunately, due to the current negative momentum across the whole cryptocurrency market, this is easier said than done. Throughout the past couple of days, however, Ethereum has seen an approximately 3% rise in value whilst Bitcoin has seen the opposite -3% decrease in value.

This small change may seem insignificant but it must be noted that Ethereum is one of the only top 10 cryptocurrencies by market cap to see a rise recently which suggests there may be positive investor sentiment over other currencies like Bitcoin.

Currently, the Ethereum price tends to be quite closely tied to the price of Bitcoin and will stay this way for the foreseeable future. The strong team behind Ethereum and positive investor sentiment seems to be helping the currency to break free of these ties and in the not too distant future, we should not discount the possibility of a resurgence of the Ethereum price to reach those highs we saw a few months ago.

In summary, what we have been seeing throughout the past couple of days has been very promising for Ethereum and whilst a recovery to the $300 level may seem far off the volatility of crypto prices and the susceptibility of the currency to investor sentiment and any large trades taking place could eventually lead the currency to a powerful recovery.

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