ETH surges to 3-month high against BTC

Bitcoin continues to stand still as the asset settles near $23,000. As expected, more volatility came largely from a few altcoins.

Ethereum jumped to weekly highs by reclaiming $1,700, while ETC, AVAX and Polkadot gained around 5% in a day.

Local peak ETH

Altcoins saw some dips in the middle of the week, but reversed their trajectory over the next few days.

Ethereum fell to $1,600 several times. However, it jumped to $1,650 yesterday, a 3.5% gain that pushed the second-largest cryptocurrency above $1,700. This is the highest ETH in over a week.

Additionally, the price of ETH against BTC has also surged as the trading pair is at a 3-month high.

Among large-cap stocks, Polkadot, Avalanche, and Ethereum Classic were the biggest gainers, gaining around 5-6% on a daily basis. Looking at mid-cap alternatives, NEAR Protocol and FIlecoin saw the biggest gains. Both surged by double digits.

Cryptocurrency market cap added billions of dollars and crossed the $1.1 trillion mark.

An overview of the crypto market. Source: QuantifyCrypto
An overview of the crypto market. Source: QuantifyCrypto

Bitcoin price is $23,000

While altcoins have seen volatility over the past few days, Bitcoin, on the other hand, has remained relatively flat. The major cryptocurrency had jumped above $24,600 (a multi-week high) at the end of July, but was unsuccessful and started a retracement.

Over the next few days, Bitcoin fell below $23,000. However, the asset eventually stabilized around that level and stayed there. Somewhat unexpectedly, it’s also just over that line now.

The latter’s dominance took a hit as most altcoins continued to outperform Bitcoin. This indicator is lower than 41%, and even close to the dumping below 40%.

Meanwhile, BTC’s market cap has remained at just under $450 billion.

Bitcoin dollar. Source: TradingView
Bitcoin dollar. Source: TradingView
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