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.
Bitcoin price has topped above $40,000 USD as the weekend comes to a close, breaking yet another all-time high. As the leading token continues to rally, the alternative cryptocurrencies are enjoying the spill positive increases from Bitcoin’s bull run.
Over the past seven days, as seen below, the increases in the cryptocurrency market are most overall, with the leading tokens all bagging more than 20% gains. With such a bullish rise, there has been a wave of renewed interest in both Bitcoin and the cryptocurrency market as a whole with fresh Bitcoin investors buying into the market and current investors adding to their portfolios.
Source: Coin360
Ethereum price surges with healthy growth
Ethereum price over the past seven days has risen a massive 62.15% according to CoinMarketCap, with a nearly 8% increase in the past 24 hours. Looking at the chart over the past week, it’s evident that the leading altcoin has seen mostly increased values with some spikes in either direction. With little to no sideways trading, if Ethereum doesn’t experience a crash in the short-term trading, we could be looking at a rally similar to that of Bitcoin’s for the altcoin as it knocks on its all-time high record of $1,432.88 USD.
Chart source: CoinMarketCap
As Ethereum nears its all-time high in value, it has breached another all-time high as the volume of Google searches for Ethereum breaks records. Previously, the peak in search term volumes for “Ethereum” has in January of 2018, when the leading altcoin saw its all-time high value.
Google Trends Worldwide Search Interest for #Ethereum projected to reach an all-time high: pic.twitter.com/oisOk9HhoD
— Michael Vincent (@mmichaels_21) January 7, 2021
Ethereum, often influenced by Bitcoin price, represents the bullish surge of the cryptocurrency market as a whole. It seems that investors, both retailers and institutional, are diversifying their portfolios with the alternative digital currencies. Time will tell whether this will pay off, or if there will be a quick shift to sell.