It’s a green day across the cryptocurrency markets! Bitcoin (BTC) is trading higher above yesterday’s lows of $33,864 to reach intraday highs of $36,675. The second-largest cryptocurrency, Ethereum (ETH) also worked its way back above $2,200.
Other cryptocurrencies are rallying as well with the market seeing impressive rebound for XRP (XRP, +10.54%), Status (SNT, +53.30%), Internet computer (ICP, + 31.34%), Ethereum Classic (ETC, +30.24%), VeChain (VET, +14.50%), Shiba Inu (SHIB, +14.27%), Populous (PPT, +25.82%), Storj (STORJ, +33.29%), Divi (DIVI, +27.02%), Dent (DENT, +18.33%), Elrond (EGLD, +19.23%).
Altcoins were keen to capitalize on Bitcoin’s newfound strength, broadly outperforming BTC gains on the day.
ETH/BTC Daily ChartIn the past 24 hours, led by Ethereum, the Altcoin market gained against Bitcoin which explains one key reason why the Altcoin market is rallying. Bitcoin has climbed by nearly 5% in the last 24 hours to trade at $36,235 as of press time.
Ethereum (ETH), which often leads the momentum of the Altcoin market, rose sharply against Bitcoin on June 28. After nearly three weeks of declining against Bitcoin, the ETH/BTC pair saw a bounce from a key support area on June 27. When Bitcoin began to stabilize and climb, Altcoins started to see a relief rally, then the ETH/BTC ratio climbed further, reaching highs of $0.06 on June 29.
Given the improvements in the ETH/BTC pair, traders are beginning to eye the potential for a fresh installment of “Alt Season” should Bitcoin add to its losses or make more cautious gains. Scott Melker stated in a recent tweet “Looking good so far, Bitcoin price rising, Bitcoin Dominance dropping. Perfect scenario for the moment for Alts.”
On-chain analytics firm, Santiment noticed the Altcoin resurgence while stating the likely reason why: ”Altcoins have enjoyed quite the major resurgence over the past 36 hours or so. Much of this can be attributed to $ETH’s address activity pop that saw it surpass event $BTC’s”
On June 28, Santiment indicated that Ethereum’s Address Activity surpassed that of Bitcoin for the first time in crypto history. It stated ”today has marked a historic day – For the first time in #crypto history, $ETH address activity is ABOVE $BTC address activity, as prices have soared back above $2,100”.
As of press time, Bitcoin’s market cap dominance stood at 46.2% while Ethereum (ETH), the largest Altcoin by market capitalization, was up 5.52%, trading at $2,222.
Image Credit: Santiment, Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
