Looking at the ETH/BTC chart, it’s obvious to see how the alt boom started in early 2017 as ethereum started its run up against bitcoin. The sideways consolidation prior to feb 2017 was gentle and had little participation from most people. When the run up started, ethereum jumped 8x against bitcoin before consolidating. Let’s recap.. what happened to the alt coins like Omg? Omg ran from 0.40-10 before pulling back. It bottomed out in dec...the same time ethbtc did!
Now, let look at participation and how that affects up move magnitude. The average volumes during the ethbtc pre feb17 consolidation phase was definitely lower than the June-dec consolidation phase. The awareness of the general public was also much lower than it is at this point in time. This can be proven by a simple google search uptick in the recent months. Interest is picking up. Now, with the consolidation over and the higher amount of potential energy stored, where do you think this pair can trade up to??
Drawing reference by how verge went from 0.01 to 0.3 within a couple of days, The vibrant energy in the crypto space has Long Long legs to go. We are in for a ride for 2018.
