Ethereum is exploding higher despite a strong Bitcoin correction just hours ago. The price of Bitcoin fell as low as $17,500 on leading exchanges this morning as the institutional buying that kept the price afloat during the week abated over the weekend.
BTC has since bounced back since hitting those lows. Ethereum, too, has rallied: the coin is up around 10% from the daily lows, pushing from the $515 lows to $570 as of this article’s writing.
With Ethereum setting new year-to-date highs as Bitcoin stagnates and attempts to consolidate, this seems to suggest that capital is cycling from BTC into altcoins.
This much is made clear by strong rallies in the altcoin market, including gains in leading DeFi coins and in older cryptocurrencies from the previous bull market.
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While analysts are hopeful that Ethereum will continue to explode higher, one