Where is Bitcoin and Ethereum going next? Is the next bull run in sight?

18 Feb, 2019 | Updated: 18 Feb, 2019
by Joeri Cant
Price Action
Where is Bitcoin and Ethereum going next? Is the next bull run in sight?

Cryptocurrency investors woke up to a sea of green, with the entire crypto market showing impressive numbers all over the board. Ethereum was the one coin that bucked the trend, and turned the markets from sideway movement, to bullish in less than 24 hours. Could this finally be the beginning of a 'Crypto Summer'?

The crypto markets have started off the week on a very positive note with a $10 billion rally since Sunday morning, with Ethereum clearly outperforming many other assets in the top 20.

Ethereum has been leading the cryptocurrency markets, currently up 14.09%, breaking through yesterday’s price point of $125, and today breaking through $145.

ETH even outperformed Bitcoin, with gains of 34% since its 2019-low of $103, while Bitcoin in the same time frame has managed to gain only 10%.

The momentum of Ethereum is most likely because of the upcoming Constantinople hard fork which introduces a number of network improvements. To avoid vulnerabilities the Ethereum dev team decided that there would be two hard forks taking place on the network, on the same block.

The first fork will implement all the changes proposed, whereas the second 'Petersburg' hard fork, will disable the protocol in which issues were identified.

The estimated update is now scheduled for March 1 according to its countdown timer.

We can expect for ETH to maintain a price surge all the way up to the end of February. If all goes as planned with the upcoming hard fork, and the community stays bullish on ETH, we might even see a true bull run take place.

Read more: Pump! EOS gains 22%(!), Bitcoin Cash 21%, Bitcoin passes $3,900

Even though Ethereum outperformed the number one cryptocurrency today, Bitoin is following the lead closely, showing gains of 8.19%, currently trading at
$3,927.62, which is almost $300 more than 24 hours ago.

Mati Greenspan, a senior analyst with eToro, has long been enthusiastic about the crypto market and about Bitcoin in particular, but warned that we need to acknowledge that the bear market has not been broken yet.

'Here's the resistance line we've been tracking. As you can see, we're not even close to breaking it just yet.'

Read more: Is Bitcoin getting ready to make its next strong move?

The crypto community is showing a very different sentiment than we have seen during the last few months. Much more bullish, with a healthy level of caution.

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