ETH Spikes To 4-Month High Against Bitcoin Surpassing $1300: BTC Dominance Dropping

Bitcoin has failed to double-down on its recovery and has remained stagnant between $32K and $33K for the past day. Large and mid-cap altcoins, led by ETH, have charted gains against BTC, while the Bitcoin dominance continues its negative sentiment, dropping to approximately 63%.

BTC Fails At Breaking Above $34K

After bitcoin dipped beneath $29,000 earlier this week, the asset seemed to be headed for a quick recovery session as it has done before. Just yesterday, the cryptocurrency gained over $5,000 to its value.

This resulted in BTC nearing $34,000, which became the daily high, and a significant support turned resistance level. However, bitcoin failed to break higher, and a subsequent rejection drove it down by more than $2,000 to beneath $31,500.

In the following hours, BTC initiated another leg up that took it to about $33,000. Nevertheless, the first-ever cryptocurrency couldn’t breach above it and currently trades just beneath that level.

From a technical standpoint, BTC has to overcome the critical resistance lines at $34,000, and $36,200 to resume its bull run. On the other hand, the support levels that $30,760, $30,000, and $29,630 could assist in case of another correction.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

ETH Conquers $1,300: Altcoins Surge and Reduce BTC’s Dominance

Most alternative coins have slowed down after yesterday’s remarkable double-digit gains. On a 24-hour scale, XRP, Bitcoin Cash, and Cardano have marked minor losses. At the same time, Binance Coin, Chainlink, Polkadot, and Litecoin have added about 1%.

Of the top altcoins, Ethereum has gained the most in a day – 4.5%. As a result, the second-largest digital asset has spiked above $1,300 after a few-day hiatus beneath this level. Apart from its dollar increases, ETH has also surged against BTC.

ETH/BTC was at an 8-month low at the start of the new year, trading around 0.024, but following the latest price action, ETH is now at a 4-month high of over 0.04 BTC per ETH. As a reminder, the all-time high of ETH/BTC was set on January 2018, when one ETH was trading for more than 0.14 BTC.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

 

The lower- and mid-cap altcoins have displayed more fluctuations over the past 24 hours: Qtum is the most impressive gainer with a 25% surge, followed by Aave (15%), Arweave (13%), Verge (12%), and Ocean Protocol (10%).

BTC’s inability to break above $34,000, while some alts have gained serious value, has decreased bitcoin’s dominance over the market to 63.3%.

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Cryptocurrency charts by TradingView.