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Renowned trader John Bollinger has expressed concerns about Ethereum’s inability to keep up with Bitcoin’s latest rally, raising eyebrows among investors. While Bitcoin hit a record high of $94,000 on Kraken this week, Ethereum and other altcoins struggled to match the momentum, causing unease in the market.
Bitcoin Soars to New Heights
This week saw Bitcoin reach unprecedented levels, with its climb to $94,000 making headlines globally. The surge, fueled by the launch of IBIT options, has significantly boosted market enthusiasm and captured the attention of both retail and institutional investors.
Bollinger weighed in on Bitcoin’s performance, emphasizing that the new highs have erased potential bear market divergence signals. “Consolidations can sometimes send mixed signals, but they are a normal part of bullish trends,” he noted. The trader highlighted the importance of a broad-based rally, where all assets rise collectively, for a sustainable market trend.
Ethereum Struggles to Keep Up
Despite Bitcoin’s success, Ethereum has remained in the red, with a 5% weekly decline and ETH/BTC trading at multi-year lows of 0.033 BTC. Analysts point to a $39.08 million net outflow from Ethereum-focused spot ETF products earlier this week as a contributing factor to its underperformance.
The stagnation of Ethereum has raised concerns among market experts, who believe the second-largest cryptocurrency needs to regain momentum to align with the broader market trend.
Altcoins and Dogecoin Shine
While many altcoins have underperformed, Dogecoin (DOGE) has emerged as a surprise winner, posting a 10% gain in the past 24 hours. This makes DOGE the most notable performer after Bitcoin, as it captured significant market attention during the week.
What Lies Ahead for Ethereum?
The crypto market is now closely watching whether Ethereum can recover and join the ongoing rally. As highlighted by Turkish NY Radio, experts like Bollinger believe that Bitcoin’s leadership in driving a market-wide upward trend is essential for a sustainable bull run. However, the current inability of Ethereum and other major altcoins to follow suit presents a potential risk for investors.