Ethereum is rallying, but here’s why it still needs Bitcoin
Ethereum needs Bitcoin
When Ethereum crossed $3,800, it marked a hike of 18.81% in 2 days. In fact, at the time of writing, the altcoin was just under $550 away from its ATH of $4,356, a level that was last seen in May.
Now, that would be a good thing except that ETH is rising quicker than Bitcoin can catch up. This could prove to be catastrophic for ETH investors going forward.
Over the same timeframe, Bitcoin rose by only 3.94%. Thus, if Bitcoin does not match this hike, the market could get rug-pulled. If you observe the market, you’ll see that a lot of this bullish behavior can be traced back to Arbitrum’s mainnet launch, along with the hype around NFTs as well.
Ergo, the question – Who is driving this bullishness?
It’s not the institutions
It is indeed not. This bullishness is coming from the general public/investors. Apart from the rise in buying,
volumes seemed to underline organic growth as about 1.6 million ETH was transferred in 3 days.
So is it BTC vs ETH or investors vs institutions? Is it not legit cuz the people are the ones buying and not the institutions? Can't be a good thing if the poor old institutions aren't buying huh?
They find any way to spread FUD, green or red day.