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

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

    Author: Jordan Lyanchev

    Last Updated Jan 25, 2021 @ 10:34

    ETH has reached a 4-month high against BTC, as the bitcoin’s inability to resume its bull run keeps reducing its dominance over the market.

    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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    Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

    Cryptocurrency charts by TradingView.
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    Read more on: Bitcoin (BTC) Price Ethereum (ETH) Price

    About The Author

    Jordan Lyanchev View more posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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