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Sunday, July 21, 2024

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

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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.

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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

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Cryptocurrency charts by TradingView.

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