Ethereum and the aggregated cryptocurrency market have been consolidating for the past few days, with Bitcoin’s recent swing past $16,000 helping to provide a base of support for ETH and other altcoins.
The crypto market’s ongoing uptrend is driven almost entirely by Bitcoin, but ETH and most other major altcoins are still woefully underperforming the benchmark digital asset.
There have been some early signs of a capital rotation event away from BTC and into altcoins, with a few DeFi tokens, in particular, seeing immense momentum throughout the past several days.
Some of these tokens were able to post gains clocking in at 100% or more in a mere matter of hours, signaling that they had previously been oversold.
That being said, where they trend next – and whether they can mark their recent lows as a long-term bottom – will depend almost entirely on Ethereum.
While speaking about ETH, one trader explained that he believes it could soon help