Altcoins Take Center Stage As Ethereum (ETH) Explodes Above $3,000 (Weekend Watch)

Bitcoin’s highly positive week continued yesterday as the asset jumped above $77,000 to mark another all-time high before retreating slightly.

However, some of the altcoins have emerged as the best today, including Ethereum, which was relatively slow until this week.

The last peak of BTC

The start of the trading week was quite underwhelming for the major cryptocurrency as it fell below $67,000 on Monday and remained there for most of Tuesday. However, it seems like a lifetime ago now considering what happened in the following days.

Once Donald Trump’s lead in the US presidential election began to grow on Wednesday morning, the price of BTC soared and soared by eight thousand euros to a new all-time high of more than 75,000 dollars Bulls kept the gas pedal pressed and bitcoin soared to $77,000 on Thursday as the US Federal Reserve announced another rate cut.

Friday was initially less volatile as BTC hovered around $76,000, but bounced back in the evening to $77,240 to mark its latest peak. Despite being back to $76,500 now, bitcoin is still up 10% on a weekly basis and over 25% in the past month.

Its market capitalization now stands well above $1.5 trillion, making it the world’s ninth largest financial asset. Its dominance over altcoins, however, has shrunk to 55.5% after peaking at 57%.

Bitcoin/Price/Chart 9.11.2024. Source: TradingView Alts Reemerge

Bitcoin led the pack in terms of mid-week gains, but the landscape has now changed and many altcoins have posted impressive gains. Ethereum is among these, having woken up earlier this week. ETH has gained over 4% in the last day and 21% on a weekly basis. It is now trading above $3,000 for the first time in more than three months.

Binance Coin, which lost its spot as the fourth largest cryptocurrency to Solana earlier this week, has soared 6% and is now trading at $630. Avalanche, Chainlink, and NEAR Protocol are the other notable gainers of higher-cap alternatives.

The total crypto market capitalization has added about $50 billion now and stands at $2.730 trillion in CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored) Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

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