On alternative markets, there is a lot of movement 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.
Data from TradingView confirm that on 13 August 2022, ETH/BTC passed 0.08 BTC after overcoming 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.
Overnight, ETH/USD crossed $2,000, a crucial psychological threshold that hadn’t been reached since May.
On-chain analytics company Glassnode saw a tendency of investors increasing their risk exposure as altcoin investments became more popular. Co-founders Jan Happel and Yann Allemann wrote in their most recent “Uncharted” newsletter,
“According to Swissblock’s Altcoin Cycle Signal, some of bitcoin’s force tempered as investors divested into altcoins in a lower-risk environment. Since ethereum’s merge became clearer, ethereum has outperformed bitcoin, driving altcoins higher.”
According to data from TradingView and CoinMarketCap, the total market cap of altcoins also surpassed $700 billion this week, marking its highest level since the end of May.
Ethereum price analysis remains bearish
Despite months of price growth, traders remained cautious when looking at Ethereum price objectives. The famous Twitter account, Crypto Chase, detailed,
“Once untapped highs start getting tapped (and no reversal is given), the rest of the highs typically meet the same fate. Don’t have my eyes on an exact level or setup for long opportunity just yet, but will update if I see one.”
While this was going on, trading company QCP Capital reiterated the necessity for caution in order 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) on futures markets was particularly noteworthy, with ETH activity nearly double that of BTC. It also suggested that the September Merge event for Ethereum might serve as a market turning point.