Ethereum Rockets Past 2021 Highs as Bitcoin Nears All-Time Peak: Crypto Market Surges
Crypto markets roar back with a vengeance—ETH smashes through resistance while BTC flirts with historic highs. Here's why traders are scrambling.
Ethereum's parabolic rally
The smart contract platform just staged its most aggressive breakout since the last bull run, leaving 2021 price levels in the dust. No more 'Uptober' memes—this is straight-up vertical momentum.
Bitcoin's ATH tease
BTC's playing chicken with its all-time high, pumping just enough to give maximalists hope while crushing every short position in its path. The 'digital gold' narrative suddenly looks less ridiculous to Wall Street suits.
Market psychology flipped
Remember when every analyst swore crypto winter would last through 2025? So much for that theory—retail FOMO is back with a vengeance, and even institutional money's dipping toes in again. Just in time for the usual pre-halving hype cycle.
Bonus jab: Somewhere in Connecticut, a hedge fund manager is explaining to limited partners why his 'crypto-free portfolio' is underperforming... again.
BTC on the Run Again
Bitcoin (BTC) witnessed a gradual price pump last week, followed by a substantial green candle over the last 24 hours. It briefly spiked above $122,200 (or less than 1% from its all-time high), whereas it currently trades at around $121,600.
A potential factor triggering the latest pump is the upcoming meeting between US President Donald TRUMP and Russian leader Vladimir Putin. The primary focus of the discussion is supposed to be the eventual peace between Russia and Ukraine, but we have yet to see whether a deal will be made.
Meanwhile, important economic events, such as the US CPI report for July (released on August 12), may propel additional volatility in the coming days.
BTC’s market capitalization soared to $2.42 trillion, solidifying its spot as the sixth-biggest asset in the world. Its dominance against the altcoins remains rather unchanged at approximately 58%.
ETH Leads the Altcoin Rally
ETH continues its bull run as it temporarily surpassed $4,300. This represents a 44% monthly increase, marking its highest point since December 2021. Furthermore, its market capitalization exceeded $520 billion, thus flipping well-known companies like Netflix and Mastercard.
Other altcoins registering significant price increases over the last 24 hours include XRP (3%), LTC (4%), HYPE (6%), CRO (7%), ENA (10%), and more. Among the few witnessing some minor losses are Pi Network’s PI, Bittensor (TAO), and OFFICIAL TRUMP (TRUMP).
The total crypto market capitalization reached a new high of around $4.14 trillion, representing a 2% increase from yesterday’s figure.
