Bitcoin breaks above $103K while ETH breaks $3,900.
ETH is showing early signs of a rally above $3,900. Bitcoin's surge past $100K could lead to a major crash for altcoins, and analysts see Ethereum leading the rise.
Bitcoin finally breached the psychological level of $100,000 to reach a high of $103,679 on December 5, while Ethereum (ETH) rose above $3,900.
Bitcoin rises above $103k.
The price of ETH is up more than 5% at the time of writing after hitting a high of $3,923 on major exchanges. Ethereum's rise comes as Bitcoin breaks key levels amid speculation of further gains.
CryptoQuant CEO Ki Young Joo says that BTC is too far from the current increase.
“Hot Capital Is Burning Bitcoin. As the realized cap grew, the cap value rose from $129K to $146K in 30 days. At $102k, it's far from a bubble—it would need a 43% increase to hit the level usually considered a bubble,” he posted on X .
Analysts are also bullish on ETH, as the BTC split could push the major digital asset to new highs. An eventual altcoin crash could send ETH and other coins to landmark levels.
ETH price predictions
In recent days, analysts have shared different predictions for the top altcoin in market value. From the $4,000 level and the all-time high reached during the previous bull market, analysts are eyeing $5k to $10k if the altcoin season happens.
Crypto analyst Miles Deutscher says ETH will boost utility coins. He sees Bitcoin's rally as great news for alts.
“The higher #Bitcoin, the bigger the altcoin run,” the analyst said.
Entrepreneur and crypto analyst Michael van de Pop commented.
“Bitcoin broke through $98k and the $100k barrier was lifted in the blink of an eye. Altcoins will suffer a bit, but as Bitcoin continues to strengthen, consider the potential upside for altcoins.
Raoul Pal, founder and CEO of Real Vision, said that ETH may have its “nose pressed to the ceiling.” But if it breaks higher, the rally could be “spectacular.”
$ETH with its nose pressed against the roof… if this breaks it will be amazing. Maybe it pulls back first to gather steam or maybe it sails straight… pic.twitter.com/0TsJMba1MA
— Raoul Pal (@RaoulGMI) December 4, 2024
ETH is currently changing hands at $3,920, up 5.3% in the last 24 hours and up nearly 60% in the last month.
