The cryptocurrency markets are enjoying a green day! Bitcoin (BTC), which traded higher than yesterday’s lows at $33,864, is now trading higher to reach intraday highs at $36,675. Ethereum (ETH), the second-largest cryptocurrency after Bitcoin, also traded higher than yesterday’s lows of $33,864 to reach intraday highs of $36,675.
Other cryptocurrencies are also rallying with the market seeing an impressive rebound for XRP(XRP, +10.54%), status (SNT), +53.30%) and Ethereum Classic (ETC) +30.24%).
Altcoins wanted to capitalize Bitcoin’s strength. They outperformed BTC gains by a wide margin.
The Altcoin market has gained against Bitcoin in the last 24 hours led by Ethereum. This is one of the key reasons why Altcoin markets are rallying. Bitcoin traded at $36,235 at press time, up nearly 5% over the past 24 hours.
Ethereum, that often leads the momentum in the Altcoin market’s momentum, rose sharply against Bitcoin June 28. The ETH/BTC pair experienced a rebound from a key support zone on June 27, after nearly three weeks of decline against Bitcoin. Altcoins saw a relief rally after Bitcoin started to climb and stabilize. The ETH/BTC ratio climbed further to $0.06 on June 29.
With the improvement in the ETH/BTC exchange rate, traders are starting to look at the possibility of a new “Alt Season”. should Bitcoin make further losses or gain more caution. Scott Melker recently tweeted, “Looking good sofar, Bitcoin price rising and Bitcoin Dominance falling.” The perfect scenario at the moment for Alts.
Santiment, an on-chain analytics company, noticed Altcoin’s resurgence and stated the probable reason: “Altcoins are experiencing quite the major resurgence in the last 36 hours.” This can be attributed in large part to $ETH’s address activity spike that saw it surpass $BTC’s event.
Santiment announced that Ethereum’s Address Activity had surpassed Bitcoin’s for the first time ever in crypto history on June 28. It stated that today was a historic day. “Today has been a historic day. For the first-time in #crypto history $ETH address activity is ABOVE$BTC address activity as prices have soared to above $2,100.”
At press time, Bitcoin’s dominance in the market was at 46.2%. Ethereum (ETH), however, was up 5.52% and trading at $2.222.