Ethereum price has seemingly stagnated at around the $220 mark with no major ups or downs seen in the last 24 hours despite the fact that Bitcoin price surge has reinstated the confidence in cryptocurrencies.
Bitcoin managed to register one of the biggest single day price increase in its history by gaining $500 in just a few hours – thanks to the near confirmation that BIP91 lock-in is imminent.
Ethereum price surged initially alongside the price jump that Bitcoin saw with the former’s price jumping from $210 to $220 in just a few hours. However, that price surge didn’t last long and it seems that ethereum just drifted off on the sidelines.
The price jump in Ethereum and Bitcoin have always almost been in unison, but the gains garnered by Bitcoin in the last couple of days haven’t been seen in Ethereum and this is particularly interesting because this detached behavior hasn’t really been observed before. The two usually either go up and down at the same time or are inversely correlated, so what happened this time?
It seems that some traders have gone to Bitcoin to gain as much as possible during this price surge, while there are those who would have stayed put and decided to observe the scenario of Bitcoin.
Another question that everyone would be asking is now what considering that BIP91 has almost locked in with Bitmain’s Antpool and ViaBTC now also voting for segwit proper to activate it in the Bitcoin Core client. Chances are that Bitcoin will continue seeing substantial price increase over the next few days with some predicting that the price could jump to well above $3000.
But at least one client will hardfork and create Bitcoin Cash, so the bulls might be followed by bears or a sideways, which may give Ethereum some fuel.
Ethereum may continue going sideways, but if bitcoin traders front-run or take profits they may opt for eth instead of fiat to wait out August 1st.