In Bitcoin (BTC), Ether (ETH), is now worth more than ever since the beginning of the year, owing to renewed interest in altcoins.
BINANCE: ETH/BTC 1-day candle charts Source: TradingView
The market cap of ltcoin has returned to $700 billion
TradingView and Cointelegraph Markets Pro data confirm that ETH/BTC has overcome key resistance and passed 0.08 BTC as of Aug. 13.
This is a remarkable move for the largest altcoin Ethereum. The area around 0.075 was a problematic sell zone that had previously held bulls back since January.
ETH/BTC is currently working to maintain the newly won level. Traders are speculating about its strength.
Cointelegraph reported that ETH/USD crossed $2,000 overnight. This is a psychological threshold not seen since May.
It won’t be long!
— Crypto Tony (@CryptoTony__ August 13, 2022
On-chain analytics firm Glassnode noticed a growing trend for investors to invest in altcoins.
“According Swissblock’s Altcoin Cycle Signal,” Yann Allemann, Jan Happel and co-founders wrote in the most recent edition of their newsletter “Uncharted”.
“Ethereum’s merger became more clear, and ethereum has outperformed Bitcoin, driving altcoins higher.”
According to CoinMarketCap and TradingView, the total altcoin market cap has also reached $700 billion.
Chart of Altcoin market cap for 1-day. Source: TradingView
ETH price analysis still favours the bear market
After months of upside, traders remained cautious when it came to Ethereum’s potential price targets.
Similar: Price analysis 8/12: BTC. ETH. BNB. XRP. ADA. SOL. DOGE. DOT. MATIC. AVAX.
Popular account Crypto Chase summary: “$ETH to $2200 as Long as We Stay Above $1737”
“Once untapped highs begin getting tapped (and there is no reversal), then the rest of highs often meet the same fate.” While I don’t yet have a set up or level that would be suitable for long-term opportunities, I will keep you posted if one is found.
“LTF trend v bearish: I’m looking for breakout if $2k –> $2.4K,” Karoush AK, a fellow account holder, said.
“HTF trend neutral bearish”: This is not a bull or bear market. Underwater bag holders have the opportunity to derisk at $2k resistance.
QCP Capital, a trading firm, reiterated its concern about further gains in the burgeoning altcoin markets in its most recent market update to Telegram subscribers.
Staff wrote that OI (open interest) in derivatives markets was of particular interest to them. ETH activity has almost doubled its value over BTC.
“ETHBTC has broken through the 0.08 level, and ETH option open interest (OI), is at an all time high of $8 Billion. This surpasses BTC option OI which was $5 Billion. It wrote that this was unprecedented.
“Concerns surrounding a hard fork continue with September ETH futures trading under -8% (annualised vs. spot). We have made some profits on our short spot vs. long futures spread position.”
It said that Ethereum’s September Merge event could be a turning point for the markets.
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