ETH drives altcoin momentum

Ethereum rose 2% Tuesday into Wednesday, getting to about $2,250, on hiatus from being mentioned in the same breath as, but secondarily to, Bitcoin.

Bullish momentum for ETH – is it time to raise our glasses to altcoin season?

Here’s to being disinterested in any categorical coattail, other than transactional privacy, and we’re drinking to you, Monero (XMR) which is on the move. XMR surged 11.8% over the past day, discreetly engaging with the $400 mark.

One year ago, it was $55. XMR reached its all-time high of $542 in January 2018.

Another altcoin enjoying its own seasonal weather pattern is VeChain (VET). A global supply chain hurricane, the VeChain blockchain is now being embraced by software-as-a-service behemoth Salesforce, which is a world of first movement onto itself. VeChain started as a subsidiary of China’s BitSE, and originally ran on Ethereum. In 2018, the blockchain came into its own, rebranding as VeChainThor. Its objective remains the same – to disrupt the supply chain industry by making data transparent/actionable.

VET has risen by more than 160% over the past 30 days.

Well, Dogecoin certainly didn’t have its day; DOGE fell about 20% over 24 hours as of 7 a.m. (EST).

Bitcoin is still shaking off Sunday's correction, dipping 1% since yesterday. BTC has hugged $55K, a sober, responsible bus driver determined to go the speed limit.

Over the past 30 days, the best-known, most gigantic of all digital currencies has veered off a bullish route, declining 3.8%. JPMorgan's Nikolaos Panigirtzoglou has put himself out there, turning heads clad in a frontiersman-style bearskin robe, noting that a massive, measurable unwind of BTC futures positions now suggests sway-holding institutional bets are about to fade. “Momentum signals will naturally decay from here," he said.

Interviewed by AMBCrypto, Ben Lilly, analyst, Jarvis Labs, suggests the ETH/BTC relationship will always be special – but ETH is ready to move out and into its own place.

Age. Network effects. It's time.

In fact, a lot of altcoins should start to finally come to grips with becoming less moored to BTC's behavior.

Over time, altcoins will at least slightly deviate away from BTC’s performance, Lilly said.

"Ethereum will be the first asset to do this," he said.

Flagging data showing BTC enjoying bedrock-beneath-sand support at the $1-trillion market-cap level, Willy Woo, on-chain expert and among crypto-Twitter's most vociferous bulls, wielded a “hockey stick” chart-shape, illustrating a new breed of adoption marked by a steady rise in the transfer of coins from weak hands to strong ones (Cointelegraph).

Responding to the thread, analyst William Clemente III, of this new adoption trajectory, deemed it as having essential importance.