Ethereum News Today: Bitcoin Surpasses $116,000 as Altcoin Bull Run Gathers Momentum

The price of TOTAL2 is currently approaching its 2021 all-time high (ATH), with analysts speculating that a "God Candle"—a term often used in crypto trading to describe a dramatic and bullish price movement—may soon drive altcoins into a new parabolic surge. This development comes amid a broader bullish momentum in the cryptocurrency market, with Bitcoin (BTC) and Ethereum (ETH) both showing strong signs of reaching new ATHs. The growing optimism is fostering expectations that an "altseason," characterized by outperforming altcoins, is on the horizon [1].

Bitcoin has recently broken out of its CME gap to reclaim the $116,000 price target, signaling a reinvigoration of the bull market. Meanwhile, Ethereum is approaching its $4,000 breakout level, and analysts suggest it has greater upside potential than Bitcoin within this bull cycle. ETH's performance is particularly notable, as institutions and large whale investors continue to accumulate the asset during dips, indicating confidence in its future price trajectory [1].

According to recent data, a single whale or institutional buyer acquired $122,955,634 worth of ETH in just two days, underscoring the strength of accumulation activity. This trend supports the view that ETH is being positioned for a potential surge above $8,000, with some forecasts even reaching as high as $20,000 [1].

In parallel, one analyst has pointed to the similarities between the current market conditions and the 2016–2017 bull cycle, suggesting that a significant event is imminent for altcoins. The chart analysis shows that patterns from past cycles are repeating, but with a much larger scale. The analyst forecasts that a God Candle is forming for altcoins, which could result in widespread ATHs across the sector [1].

TOTAL2, in particular, is highlighted as a key altcoin poised to break its 2021 ATH. If the current momentum continues and a God Candle materializes, it could mark the beginning of a new phase of altcoin growth. Given the strong accumulation in ETH and the broader bullish indicators, the stage appears set for altcoins to experience a powerful breakout [1].

Source: [1] TOTAL2 on the Verge of Breaking 2021 ATH, Analysts Expect God Candle for Altcoins Soon (https://cryptonewsland.com/total2-on-the-verge-of-breaking/)