Altcoins Take Main Stage as Ethereum (ETH) Explodes Above $3K (Weekend Watch)
2024-11-09

Bitcoin’s highly positive week continued yesterday as the asset jumped above $77,000 to chart another all-time high before retracing slightly.
However, some of the altcoins have emerged as today’s top performers, including Ethereum, which was relatively sluggish until this week.BTC’s Latest Peak
The start of the business week was quite underwhelming for the primary cryptocurrency as it dropped below $67,000 on Monday and stood there for most of Tuesday. However, that seems like a lifetime ago now given what transpired in the following days.
Once Donald Trump’s lead in theUS presidential electionsstarted to grow on Wednesday morning, BTC’s price went on the run and skyrocketed by eight grand to a fresh all-time high of over $75,000. The bulls kept the gas pedal pressed, and bitcoin soared to $77,000 on Thursday when the US Federal Reserveannouncedanother rate cut.
Friday was initially less volatile as BTC stood around $76,000, but itjumpedonce again in the evening to $77,240 to mark its latest peak. Despite retracing to $76,500 now, bitcoin is still up by 10% on a weekly scale and more than 25% in the past month.
Its market capitalization now stands well above $1.5 trillion, making it the ninth-largest global financial asset. Its dominance over the altcoins, though, has been reduced to 55.5% after peaking at 57%.Alts Reemerge
Bitcoin led the pack in terms of gains mid-week, but the landscape has changed now, and many altcoins have marked impressive gains. Ethereum is among those, having awakened earlier this week. ETH has gained over 4% in the past day and 21% on a weekly scale. It now trades 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 by 6% and now trades at $630. Avalanche, Chainlink, and NEAR Protocol are the other notable gainers from the larger-cap alts.
The total crypto market cap has added around $50 billion now and is up to $2.730 trillion on CG.