Ethereum reaches an 8-month high in BTC as investors flock to ‘riskier’ altcoins | The Financial Express

Ethereum reaches an 8-month high in BTC as investors flock to ‘riskier’ altcoins

Meanwhile, trading firm QCP Capital reiterated the need for caution in a rising cryptocurrency market in its weekly market report to Telegram channel users.

Ethereum reaches an 8-month high in BTC as investors flock to ‘riskier’ altcoins
Open interest (OI) on futures markets was of special interest, with ETH activity nearly double that of BTC.

ETH/BTC broke through major resistance on August 13 to pass 0.08 BTC, data from Cointelegraph Markets Pro and TradingView confirmed.

The change is significant for Ethereum, the largest altcoin, because the range around 0.075 marked a problematic sell zone that had previously kept bulls at bay since January.

At the time of writing, ETH/BTC is attempting to hold the newly gained level, as traders wonder how long its strength will endure.

As previously reported by Cointelegraph, ETH/USD crossed $2,000 overnight, a huge psychological barrier not seen since May.

Data from Cointelegraph Markets Pro and TradingView confirm that ETH/BTC broke through major resistance on August 13 to pass 0.08 BTC.

The change is significant for Ethereum, the largest altcoin, because the range around 0.075 marked a problematic sell zone that had previously kept bulls at bay since January.

At the time of writing, ETH/BTC is attempting to hold the newly gained level, as traders wonder how long its strength will endure.

As previously reported by Cointelegraph, ETH/USD crossed $2,000 overnight, a huge psychological barrier not seen since May.

Glassnode, an on-chain analytics startup, observed a growing tendency of investors increasing their risk exposure in the current environment.

“According to Swissblock’s Altcoin Cycle Signal,” co-founders Yann Allemann and Jan Happel wrote in the latest edition of their “Uncharted” newsletter, “some of bitcoin’s force softened as investors divested into altcoins in a lower-risk environment.” Meanwhile, trading firm QCP Capital reiterated the need for caution in a rising cryptocurrency market in its weekly market report to Telegram channel users.

Open interest (OI) in futures markets was of special interest, with ETH activity nearly double that of BTC.

(With insights from Cointelegraph)

Also Read: What factors often drive a country’s acceptance of Bitcoin as legal tender?

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