Following Dogecoin’s lead, Ethereum Classic rallied to a new all-time high and Bitcoin Cash doubled as altcoin forks have started to gain traction.
With all this bullish bitcoin activity, the ETH/BTC pair has gone bearish, a sign traders are selling ether for bitcoin.
There appears to be strong support around $30,000, according to traders.
Bitcoin’s huge sell-off by over $8,000 in the past 24 hours while options traders clearly are betting that ether is overvalued.
Bitcoin’s price crested an all-time high $40,000 mark while DeFi total value locked hits a new record on market fervor.
Profit-taking helped lead bitcoin lower Monday while more investors are eyeing ether with great interest.
Bitcoin slipped below $18,000 again Thursday as ether’s volatility in 2020 shows a different dynamic.
Bitcoin fell below $18,000 Wednesday while DeFi closing in on $15 billion locked may have more to do with price than actual cryptocurrency parked there.
Bitcoin’s price is in a tight range Thursday while some investors are moving into ether.
Bitcoin is testing $19,000 as DeFi hits another milestone in total crypto locked.