There is a lot of movement on alternative markets as Ethereum overtakes Bitcoin after a 2022-long conflict. Due to a resurgence in interest in cryptocurrencies, Ether (ETH) is now worth more in Bitcoin (BTC) than it has been since the beginning of the year.
Statistics from Cointelegraph Markets Pro and TradingView confirm that on August 13, ETH/BTC passed 0.08 BTC after overcoming an important barrier.
The increase is significant for Ethereum, the most popular alternative currency, as the region around 0.075 had been a problematic sell zone that had previously held bulls in check since January.
ETH/BTC is currently attempting to hold onto the recently attained level as traders wonder how long its strength might endure. The ETH/USD price hit $2,000 overnight, as Cointelegraph reported, marking a crucial psychological threshold that hasn’t been crossed since May.
With Ethereum AltCoin Market Cap Aiming For The Sky Again:
On-chain analytics company Glassnode saw investors increasing their risk exposure as altcoin investments became more popular.
According to TradingView and CoinMarketCap, the total market cap of altcoins also surpassed $700 billion this week, marking its highest level since the end of May.
While this was happening, trading company QCP Capital reiterated the necessity for caution to make further gains in the developing altcoin market in its most recent market report to Telegram channel users.
Staff noted that open interest (OI) in futures markets was particularly noteworthy, with ETH activity nearly double that of BTC.
According to their studies and understanding, experts have said that the ETHBTC will break more than 0.08 level if it hasn’t already and will reach the all-time high of $ 8 billion. It can overshadow bitcoin’s $5 billion. Ethereum has also announced the merger of it in the coming September can turn the scenario into an inflection point.