Ethereum Rallies 35% Above $1,100 – Will the Uptrend Continue?

The price of ether (ETH) has finally breached the psychological four-figure barrier during early trading in Asia this Monday morning.

January 4, 2020 | AtoZ Markets – The epic price pump has added over 35% in under 24 hours as Ethereum makes one of its largest single-day moves in history. ETH is the top-performing crypto asset in the top 80 altcoins, beaten only by Loopring’s Layer 2 DEX token.

Ethereum price rallies above $1,100

Ethereum is in the midst of rocketing higher despite stagnation in the Bitcoin price. About an hour ago, the cryptocurrency pierced $1,100 after holding the $1,000 price level. However, at the time of writing, the ETH/USD pair has corrected to $950.

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Analyst and trader Alex Krüger noted that three months of negative movements against the price of Bitcoin has been wiped out in just a day.

Ethereum market capitalization tops $120 billion

The big pump has pushed the market capitalization for Ethereum over $100 billion for the first time since it hit its all-time high three years ago.

Coingecko reported the figure at $120 billion, 500% higher than the next closest digital asset which is Tether with a market cap of just over $20 billion.

Industry analyst, Luke Martin, commented on the arrival of altseason adding that longs on many of the underperforming altcoins such as EOS would make a good move.

The only other high cap altcoins coming close to Ethereum’s performance at the time of writing include Cardano and Chainlink. More altseason narrative is starting to appear on crypto Twitter;

Will ETH bullish trend continue?

Ethereum is expected to move higher in the days and weeks ahead as the market seemingly remains under-allocated to the cryptocurrency.

Matt Kaye, a managing partner of Blockhead Capital, recently said that he thinks ETH will soon move to a new all-time high and beyond.

He noted that institutions are starting to take notice of Ethereum while trends surrounding DeFi will further drive demand for the coin.

With Grayscale’s Ethereum Trust also soon reopening, ETH should continue to see an influx of demand, Kaye suggested.

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