Ethereum Eyes $5,000
Ethereum is close to a new all time high with the currency rising above $4,600 while bitcoin lags at $62,000.
Ethereum seems to have taken the show with its ratio up from 0.058 in October to nearly 0.075, one of its highest level in years.
It’s not clear whether bitcoin is playing ball however as ethereum seemingly tries to move further up in what might be the beginning of altsezun.
After its own run to a new high of $67,000, bitcoin seems to be resting, kind of sidewaying above $60,000 as it thinks about what to do next.
Ethereum seems to be using this opportunity to make gains, propelled in part by the rise of metaverse tokens like Decentraland’s mana.
New gaming tokens have also come to market. GODS of Gods Unchained has been unusually volatile even by crypto standards, with it yoyo-ing but still trading at about $5.
ImmutableX’s IMX has also opened trading at five, with that being a second layer NFT market place.
These and other tokens that have gone from zero to billions are probably feeding into eth’s bullishness and its ratio gains.
$5,000 might be big resistance however four years on since bitcoin overtook it, with the crypto sidewaying less than 10% below that line.
Whether it will head further in that direction and cross that line remains to be seen as ethereum turn bull.
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