Weekend Watch: ETH Skyrockets to 3-Month High Against BTC
Bitcoin continues to stand still as the asset has settled around the $23,000 mark. More fluctuations, as expected to a large extent, come from several altcoins.
Ethereum jumped to a weekly high by reclaiming $1,700, while ETC, AVAX, and Polkadot are up by approximately 5% in a day.
ETH at Local Peak
The alternative coins charted some declines in the middle of the week but reversed their trajectory in the following few days.
Ethereum suffered by declining to $1,600 on a few occasions. However, it jumped to $1,650 yesterday, and a 3.5% increase has pushed the second-largest crypto to over $1,700. This is the highest ETH has been in just over a week.
Moreover, ETH has soared against BTC as well, as the trading pair is at a 3-month high.
From the larger-cap alts, Polkadot, Avalanche, and Ethereum Classic have gained the most, up by about 5-6% daily. From the mid-cap alts, NEAR Protocol and FIlecoin have increased the most. Both have soared by double digits.
The crypto market cap has added a few more billion and has tapped the $1.1 trillion mark.
Bitcoin Stalls at $23K
While the altcoins fluctuated in the past few days, bitcoin, on the other hand, has remained relatively still. The primary crypto had jumped to over $24,600 (multi-week high) at the end of July but failed there and started retracing.
The following few days saw bitcoin dipping below $23,000. However, the asset ultimately settled around that level and remained there. Somewhat expectedly, it trades just over that line now as well.
Since most altcoins continue to outperform bitcoin, the latter’s dominance has taken a hit. The metric is down below 41% and is even close to dumping beneath 40%.
At the same time, BTC’s market capitalization has remained at just under $450 billion.Source