Bitcoin price today: climbs to $113.2k after soft payrolls report; altcoins up
Investing.com -- Wolfe Research is saying the cryptocurrency market may be on the cusp of a “new era of leadership” led by Ethereum.
The broker points to a sharp rebound across altcoins in recent weeks, following what it described as a highly compelling consolidation setup.
“Two weeks ago we stated, ‘We are taking advantage of this consolidation and playing for this highly compelling setup to reaccelerate and breakout… expect Alt Coins to lead on the way back up as well, ’” Wolfe analyst Rob Ginsberg said.
Since then, coins have “exploded higher” while keeping their technical bases intact.
Over the past four to five months, crypto’s resilience has impressed the analysts, with gains increasingly driven by altcoins rather than Bitcoin.
Ginsberg highlights that altcoins have outperformed Bitcoin since June, calling the move a potential indicator of retail investors’ risk appetite.
Ethereum, in particular, has been one of the “latest beneficiaries of both retail and institutional interest,” fueled by rising political support for stablecoins hosted on its network.
ETH is now within sight of its highs, supported by strong inflows into its top exchange-traded funds.
Ginsberg said the coin’s dramatic outperformance versus equities since April, along with the downturn in the BTC/ETH ratio to year-to-date lows, suggests Ethereum could “keep the pressure on in the near term as the FOMO trade kicks in.”
Other major coins are also flashing bullish technical signals. Solana is showing momentum buy indicators, XRP appears poised to break to new highs, and Chainlink has been the best-performing coin over the past week, rising more than 20%.
In sum, Wolfe argues the shift in leadership away from Bitcoin and toward other major coins could mark the early stages of a broader market change.
“Should the infamous FOMO trade kick into gear as ETH nears new highs, this could just be the start of a new era of leadership within crypto,” the firm concluded.