ETH soars to 3-month high against BTC

Bitcoin continues to remain flat as the asset has settled around $23,000. More volatility, as largely expected, comes from several altcoins.

Ethereum surged to a weekly high reclaiming $1,700, while ETC, AVAX and Polkadot were up around 5% on the day.

ETH on Local Peak

Altcoins saw some decline mid-week, but reversed course in the following days.

Ethereum suffered a drop to $1,600 on a few occasions. However, it bounced back to $1,650 yesterday and a 3.5% gain pushed the second-largest cryptocurrency above $1,700. This is the highest ETH has been in just over a week.

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

Of the larger cap alts, Polkadot, Avalanche and Ethereum Classic have gained the most, up around 5-6% daily. Of the mid-cap alts, NEAR Protocol and FIlecoin have risen the most. Both jumped by double digits.

The cryptocurrency market cap has added a few more billions and has crossed the $1.1 trillion mark.

Bitcoin stops at $23,000

While altcoins have fluctuated over the past few days, bitcoin, on the other hand, has remained relatively stationary. The major crypto had surged above $24,600 (a multi-week high) at the end of July, but failed there and started a retracement.

The next few days saw bitcoin fall below $23,000. However, the asset eventually settled around that level and stayed there. Unsurprisingly, it’s trading right above that line now as well.

As most altcoins continue to outperform bitcoin, the latter’s dominance has taken a hit. The count is below 41% and even close to dumping below 40%.

At the same time, BTC’s market cap has remained just under $450 billion.