ETH Soars to 7-Month High After BlackRock's ETF Rumors, BTC Stopped at $38K (Market Watch)

2023-11-10 10:13:21

Bitcoin’s price tried its hand at taking down the $38,000 level but was stopped in its tracks, and the subsequent rejection brought the asset south.

Ethereum, somewhat expectedly, is the top performer from the larger-cap alts, but other related tokens, such as ETC and LDO, are also on the rise.

BTC Rejected at $38K

Earlier this week, bitcoin was struggling to overcome $35,000 and even slipped back down to $34,500 on a few occasions. However, the landscape started to change on Tuesday when the asset spiked to $36,000.

After a brief retracement and a few days spent at around $35,000, the asset went on the offensive late on Wednesday and Thursday. The bull’s price surge resulted in charting a new 18-month high at $38,000.

Nevertheless, the bears intercepted the move and didn’t allow any further pumps. Just the opposite, BTC was rejected violently and retraced by more than $2,000 in hours. Still, the cryptocurrency managed to bounce off and currently sits at $36,500.

Its market capitalization has remained at over $710 billion, but its dominance over the altcoins has taken a major hit and is down to 51.2% on CMC.

BTCUSD. Source: TradingView## ETH Soaring Past $2.1K

Undoubtedly, the most significant piece of news yesterday came from the world’s largest asset manager – BlackRock – as the company registered the iShares Ethereum Trust in Delaware, which suggests it will file to launch a spot ETH ETF as well.

This had a dramatic impact on Ethereum’s price, which soared by over $200 in hours. As a result, ETH charted a 7-month peak at over $2,100 earlier today. Other Ethereum-related coins, such as ETC, OP, and LDO, have also exploded in value. In the case of LDO, the daily surge is by 22%.

Solana, MATIC, ADA, BNB, and TRX are also in the green from the larger-cap alts. In contrast, LINK, DOGE, DOT, LTC, TON, SHIB, BCH, and AVAX have retraced by up to 4%. Moreover, Ripple’s native token has dumped by 7% and sits at $0.65.

The total crypto market cap has added roughly $20 billion and is inches away from $1.4 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto

Trang này có thể chứa nội dung của bên thứ ba, được cung cấp chỉ nhằm mục đích thông tin (không phải là tuyên bố/bảo đảm) và không được coi là sự chứng thực cho quan điểm của Gate hoặc là lời khuyên về tài chính hoặc chuyên môn. Xem Tuyên bố từ chối trách nhiệm để biết chi tiết.

1 thích