Bitcoin Halving Impact Fades as Demand Takes Center Stage
According to reports, the Open Interest in Bitcoin is now 30 times higher than it was 11 days before the 2020 Bitcoin halving.
While Bitcoin price remains strong, trading above the $59,000 USD level, Ethereum has surged, setting itself a new all-time high value.
The second leading cryptocurrency asset broke its record high as the new month kicked off, breaking the previous record of just over $2,040 USD which was set in February. Now, Ethereum’s new all-time high is sitting at approximately $2,094 USD.
Ethereum price movements
Over the past two months, Ethereum saw a correction after posting its all-time high. The first correction saw the cryptocurrency asset dip back to below $1,295 USD. In the middle of March, it recovered again to just above $1,900 USD before seeing a correction a few days later taking to the region around $1,545 USD. Since then, Ethereum has boasted five green candles successively. This is a strong indication of a healthy surge for the token – with investors showing interest in buying and holding – at least in the short term.
Ethereum – sparking interest in the market
The leading altcoin has been a cause of intrigue in the cryptocurrency market over the past few months. Making headlines for a number of different reasons, investors have been taking note of where the cryptocurrency could be heading. With news about the network’s transition to the Ethereum 2.0. blockchain (or Eth2), there has been a fresh wave of intrigue from tech enthusiasts – not just cryptocurrency investors.
Moreover, the decentralised finance (DeFi) market has been increasing and recent boom of non-fungible tokens (NFTs) which lie on the Ethereum network has drawn extra attention to Ethereum overall. It’s possible that Ethereum’s bullish rally, coupled with Bitcoin’s healthy increases, could continue drawing the market towards blockchain’s other use-cases such as trading assets that aren’t necessarily cryptocurrency but are digital assets.
As Ethereum continues to increase, it also aligns with the rest of the market, which is looking at a bullish trajectory.