Altcoin market cap returns up to $700 billion
This is a remarkable move for Ether, the largest altcoin. The area around 0.075 was a problematic sale zone that previously kept bulls under control since January.
ETH/BTC is currently working to maintain the newly won level. Traders are speculating about its strength.
Cointelegraph reported that USD/ETH passed $2,000 overnight. This is a psychological threshold that has not been seen since May.
It won’t be long!
— Crypto Tony (@CryptoTony__)
August 13, 2022
On-chain analytics firm Glassnode noticed a growing trend for investors to invest in altcoins.
“According Swissblock’s Altcoin Cycle Signal,” some bitcoin’s power was tempered as investors delved into altcoins under a lower-risk climate. Co-founders Yann Allmann and Jan Happel published in their latest issue of their “Uncharted”.
“Ethereum has outperformed Bitcoin since the merge became more clear, driving altcoins higher.”
The total altcoin market cap has also surpassed $700 billion since May’s end, according to TradingView and CoinMarketCap.
ETH price analysis still favours the bear market
After months of upside, traders remained cautious when it came to Ether’s potential price targets.
“$ETH to $2200 as Long as We Stay Above $1737,” Crypto Chase popular account summarized.
“Once untapped highs begin getting tapped (and there is no reversal), then the rest of highs often meet the same fate.” While I don’t yet have a set up or level that would be suitable for long-term opportunities, I will keep you posted if one is found.
“LTF trend bullish: I see a breakout if $2k in claims –> $2.4K,” Karoush, another account, .
“HTF trend neutral bearish”: This is not a bull or bear market. Underwater bag holders have the opportunity to derisk at $2k resistance.
QCP Capital, a trading firm, reiterated its concern about further gains in the burgeoning altcoin markets in its most recent market update to Telegram subscribers.
Staff wrote that OI (open interest) in derivatives markets was of particular interest to them. ETH activity has almost doubled its value over BTC.
“ETHBTC has surpassed the 0.08 level, and ETH option open interest (OI), is at an all time high of $8 Billion. This surpasses BTC option OI which was $5 Billion. It wrote that this is unprecedented.
“Concerns surrounding a hard fork continue with September ETH futures trading under -8% (annualised vs. spot). We have made some profits on our short spot vs. long futures spread position.
It said that Ethereum’s September Merge event could be a turning point for the markets.
These views and opinions are the author’s and do not necessarily reflect those of Cointelegraph.com. You should do your research before making any investment or trading decision.