The leading cryptocurrency market is back in the spotlight after Bitcoin's latest record. Veteran trader John Bollinger analyzes the current situation and warns about Ethereum.
Bitcoin's New Record
Bitcoin reached the $94,000 level on the Kraken exchange following the launch of IBIT options. John Bollinger noted that the new highs erased a potential bearish Bollinger Band divergence. He emphasized that consolidations can create potential negatives, which is normal in up trends.
Ethereum's Issues
Ethereum has not caught the bullish wave along with Bitcoin, which is causing concern among analysts. Despite Bitcoin's surge of more than 4% over the past 24 hours, Ethereum fell by 0.1% on Tuesday. The ETH/BTC pair reached a multi-year low of 0.033 BTC. Spot Ethereum ETF products also recorded a $39.08 million net outflow on Monday.
Altcoins Dynamics
Other major altcoins are also underperforming Bitcoin. Dogecoin is the only token that has logged bigger gains, up by 10% over the past 24 hours. This reaffirms Bitcoin's leading position in the market amid the weakening of other cryptocurrencies.
While Bitcoin continues to set the pace in the crypto market, Ethereum and other altcoins are facing challenges. Investors and traders should take current warnings into account and adapt their strategies accordingly.
