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Ethereum (ETH) Tapped New 11-Month High, Bitcoin (BTC) Slips Below $30K: Market Watch

ETH Reclaims $1.9K After Shapella Update, BTC Calms at $30K Following CPI Volatility (Market Watch)

After trading above the coveted $30,000 line for several days, bitcoin has now fallen below that level and recorded a 5-day low.

In contrast, ETH has seen a slight increase today and has registered its highest price level since May of last year. BNB, DOGE, and SOL have all seen impressive percentage increases.

Bitcoin Falls Below $30K

Last week, the primary cryptocurrency regained the $30,000 level and remained mostly above it for several days, even after the release of the US CPI numbers. The most significant price increase occurred on Friday when the asset touched $31,000 for the first time since June 2022.

However, the bears intercepted the move and pushed BTC south, causing it to dump to $30,000 hours later. Despite low trading volumes over the weekend, bitcoin managed to maintain that level.

As Sunday came to a close, BTC initiated a leg up, but was stopped ahead of $30,600. The subsequent rejection drove it south, causing bitcoin to drop to a 5-day low of $29,800.

As of now, the asset has recovered around $100 but is still below $30,000. Its market capitalization is under $580 billion, and its dominance over the alts has decreased to 45.7% after exceeding 47% a week ago.

BTCUSD. Source: TradingView

ETH’s New Local Peak

Last week, Ethereum stole bitcoin’s spotlight following the completion of the long-awaited Shapella update. Its native token has massively outperformed BTC, resulting in an increase in its dominance. Hours ago, the asset saw another spike to over $2,130, marking its latest 11-month high before retracing to just under $2,100 as of now.

Binance Coin, Dogecoin, Solana, and Litecoin have all added somewhere between 3-4% in a day. As a result, BNB is trading at $345, DOGE is above $0.9, SOL is at $25, and LTC is inching closer to $100.

Avalanche has soared by 6% in a day and over 15% in a week, exceeding $20.

The total crypto market cap remains at essentially the same spot as yesterday at $1.265 trillion on CMC.

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