Ethereum Price and Chainlink Price remained less affected with the Bitcoin bull rally as they remain undervalued
Both the assets may have been experiencing an acute price suppression so the whales just acquire more from the weak hands
Most of the altcoins have rallied pointing out towards the start of an Altcoin Season, yet some more time still to go
Ethereum Price Should Have Been $5000 Till Now!
The Ethereum price rally failed to break the strong resistance recently and ever since then the price is trading within the same range. On the other hand, Chainlink price is also experiencing multiple prolonged consolidation phase. Therefore hindering the actual bull run that may have escorted the asset’s price to unimaginable heights.
Many assets went parabolic, surging by multiplying 10x or 20x, etc, yet the ETH price and the LINK price grew just 2.5x. Therefore, a strong sense of suppressing the price so that the whales and the institutions accumulate the asset arises.
As per the thread put up by a popular Crypto Youtuber Young and Investing, the institutions like Grayscale use their services to keep the price low.
According to the YouTuber, the institutions use the Market Makers(MM) to suppress the price. And hence the institutions accumulate, which is termed as a common practice. The MM make sure the prices do not pick up momentum and FOMO by immediately dumping the price once it moves up a little. Therefore the Youtuber also said that the ETH price should have been $5000 and LINK Price $100.
Is the Altcoin Season 2021 Begun?
Most of the Altcoins in the crypto space have been rallying hard for quite a long time. Therefore one can surely term the current phase as the initiation of an Altcoin Season yet not fully. The bitcoin bull rally appears to have not lost any momentum and hence heading strongly towards its ATH.
However, according to a scientist and a crypto analyst, Jai, the current bitcoin bubble will burst anytime from now and all the money will flow into other altcoins. Therefore the upcoming Altcoin Season would be much stronger than ever.
Collectively as rightly pointed out by the analyst, the crypto asset without institutional interest like Polkadot, Matic, Enjin Coin, etc are surging like a giant. Whereas, the assets like Ethereum Price, Chainlink price, despite a slight rally, gets pulled back easily and trends within a narrow range frequently. Without any unnatural practises, ETH price and LINK price would have had a mega monster bull rally.
Interesting Read: New Altcoin Season Underway! Analyst’s Top Picks for the Season