Multi-Month Highs: Bitcoin Reached $51K as ETH Touched $4K (Market Watch)

Multi-Month Highs: Bitcoin Reached $51K as ETH Touched $4K (Market Watch)

The Bitcoin bulls continued to push the cryptocurrency north in the past 24 hours, resulting in a multi-month high of just over $51,000. Most altcoins also performed well in the same timeframe, with ETH touching $4,000 for the first time since mid-May.

Bitcoin Tapped $51K

September didn’t start all that well for bitcoin as the asset fell to a multi-day low of $46,300 on Wednesday. However, this is where the situation quickly changed.

The primary cryptocurrency started rising somewhat rapidly. It added $4,000 of value in a day and briefly exceeded $50,000. Conquering that level, though, wasn’t all that easy, and BTC dropped by $2,000 to $48,400.

Yet, bitcoin didn’t stay down for too long and initiated another leg up in the past 24 hours. This time, it spiked above $50,000 and kept climbing to a daily high of $51,060. This became the highest price tag since the mid-May correction.

Since then, BTC retraced slightly, but it still trades above $50,000 as of writing these lines. Its market capitalization has neared $950 billion, but its dominance struggles at around 41.5%.

Ethereum Taps a Near 4-Month High

The reason why BTC’s dominance suffers lately is because of the high flying altcoins. Ethereum is a prime example. The second-largest cryptocurrency fell below $3,100 less than a week ago.

However, it bounced off nicely and started to push higher and higher. This culminated yesterday when ETH broke above $4,000 for the first time since mid-May as well. Despite retracing since that peak, ETH is still 1.5% up on the day and is above $3,900.

On a 24-hour scale, Binance Coin, Ripple, Solana, Dogecoin, and Polkadot have marked minor gains, while Cardano is just slightly in the red. Litecoin is the most impressive performer from the larger-cap alts, with a 15% surge to above $210.

In contrast, Uniswap has retraced by 4%. This comes just a day after reports emerged that the SEC had opened an investigation against the developers of the decentralized exchange – Uniswap Labs.

More gains come from Fantom (36%), Revain (29%), IOST (27%), Theta Fuel (15%), Horizen (11%), and ICP (11%).

Consequently, the cumulative market cap of all crypto assets went for a multi-month record of its own and is close to $2.3 trillion now.