Bitcoin and Ethereum Price Forecast – BTC Stalls, ETH Picks the Baton

The bitcoin prices consolidated and ranged for most of the day yesterday but continued to remain buoyed and looked prime for even higher prices. But probably for the first time since the beginning of the year, we are seeing the bitcoins not being in the limelight and being replaced by alt coins like Ethereum, ripple and litecoin which have risen by over 20% during the course of a single day. As the bitcoin prices rises higher and we see futures being introduced which increases the possibility of it being shorted as well, we are seeing investors focus their attention on other coins.

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Bitcoin Prices Consolidate

This has slowed down the progress of the bitcoin prices and hence, in a way, the futures do seem to be having an effect on the bitcoin market after all. We firmly believe that the speculators are slowly shifting their focus away from bitcoin, atleast for the short term, so that they can invest in other coins which can only be bought and cannot be shorted. It is this attractiveness that had been pushing the BTC prices higher and with the futures, that kind of attractiveness is gone.

The ETH prices have been pushing higher over the last couple of days and now trade comfortably above the $600 region as of this writing. As mentioned above, the ETH market is likely to get a lot of attention in the short term as the BTC prices become out of reach of some. We have always believed in the strong fundamentals of ether and hence continue to say that it has a bright future.

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Forecast

Expect some more of the action, that we have been seeing since the beginning of the week, to continue for today as well. We expect some more consolidation in the BTC prices while we can see the other coins including ETH continue to move higher during this period.

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