(DAILY NOTION): ETH/USD: A Diamond in the Rough That Is Climbing Upwards: Will It Soon Outshine Bitcoin? Next Mover: Yellen's Appointment as U.S. Treasury Secretary

Source: Yahoo Finance

While it may be easy to look to BTC/USD when it comes to cryptocurrency, ETH/USD should not be missed. It can be likened to a diamond in the rough and Bloomberg Wealth has recently highlighted that Ethereum has outperformed Bitcoin so far in 2021. It also goes on to predict if Bitcoin continues to fall, investors might hop on to ETH/USD.

Yesterday, ETH/USD climbed up 10.07%, its largest one-day percentage gain since Jan 24. Over the last seven days, ETH/USD has experienced a rise in value, with a gain of 8.21%. Ethereum’s market cap currently stands at $156.27 billion, which is equivalent to 16.35% of the total cryptocurrency market cap. At its height, Ethereum’s market cap stood at $159.04 billion, and it’s not too far from its present market cap.

Looking at its present relative strength index (RSI), it is currently at 63, not too far from an overbought condition. Analyst Dhwani Mehta from FX Street believes that the $1,300 is a psychological magnate, and a successful taking of this level by the bulls could spur further upwards movement. That level has since been achieved on Jan 24.

In related news, the U.S Senate Committee on Finance has unanimously voted in favour for Janet Yellen’s nomination as the U.S. Treasury Secretary. She is now only a stone’s throw away from filling the spot. Should this happen, there could be a potential tightening of regulations in the cryptocurrency world, as Yellen has previously voiced out her opinion of cryptocurrency being used for money laundering and illicit financing. A tightening of regulations should Yellen becomes U.S. Treasury Secretary could impact ETH/USD and other cryptocurrencies.

ETH/USD (as of Jan 25, 2021, 10 a.m., GMT +8) - $1,435.34