Altcoins Party: Bitcoin Cash Skyrockets 50% As ETH Just Inches Away From All-Time High

Most alternative coins have resumed their recent bull run, including double-digit increases on behalf of most of the large-caps, including Bitcoin Cash, Bitcoin SV, Chainlink (LINK), Ripple, Litecoin, and Cardano. The second-largest, Ethereum, has also surged to new highs and has come about $100 away from the 2018 record of $1,450.

Simultaneously, BTC has stalled slightly around the $41,000 mark, and its dominance over the market has reduced to 68.5%.

Exploding Alts: Ethereum Nearing ATH

CryptoPotato reported yesterday that most large-cap altcoins took a break following a few consecutive days of charting gains. However, the situation has changed entirely over the past 24 hours.

Ethereum leads with an impressive 12% surge to a near 3-year high of $1,350, as of writing these lines. Thus, the second-largest crypto by market cap came about $100 away from breaking its ATH record from January 2018. CoinGecko data shows that ETH’s highest price tag was at $1,450.

Binance Coin (6%) and Polkadot (7%) have also added some value to $44.5 and nearly $10, respectively.
However, the rest of the top ten altcoins have surged by double-digits, including Ripple (11.5%), Cardano (11.5%), Litecoin (11.2%), and Chainlink (18%).

Bitcoin Cash and Bitcoin SV have stolen the show on a 24-hour scale with massive gains of 44% and 55%. As a result, BCH has exploded above $600, while BSV has neared $300.

 Quantify CryptoCryptocurrency Market Overview. Source: Quantify Crypto

Further gains are evident from Maker (73%), Dash (45%), Ethereum Classic (30%), Bitcoin Gold (30%), Holo (27%), EOS (26%), Zcash (25%), Qtum (25%), Quant (23%), 0x (23%), Compound (22%) and more.

Overall, the total cryptocurrency market cap has reached a new all-time high of nearly $1.120 trillion.

Bitcoin Stalls At $41K

While most altcoins have gone on a wild ride, the primary cryptocurrency seems more relaxed, this is a typical key of an altcoin season. Bitcoin marked its latest all-time high at $42,000 a few days ago and almost immediately dumped below $39,000 on two occasions.

However, the asset reclaimed most losses rather rapidly and broke above $40,000 yesterday. In the past 24 hours, BTC initiated a leg up to $41,500 before retracing around $41,000 where it currently sits.

Nevertheless, the impressive gains registered by the altcoins have reduced BTC’s dominance over the market. The metric comparing bitcoin’s market cap against all other coins has dropped to 68.5% after hovering above 70% just a few days ago.

 TradingViewBTCUSD. Source: TradingView

Publication date: 
01/10/2021 - 10:14
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