Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins

Liquidity is strong in alternative markets as Bitcoin gives way to Ether after a battle that has raged throughout 2022.

Market Update

Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.

ETH/BTC 1-Day Candle Chart ( Binance ). Source: TradingView

Altcoin Market Cap Returns to $700 Billion

Data from Cointelegraph Markets Pro and TradingView confirm that ETH/BTC cleared key resistance to cross 0.08 BTC on August 13.

The move is impressive for the largest altcoin, Ether, as the area around 0.075 represented an awkward selling area that had previously controlled the bulls since January.

As of this writing, ETH/BTC is struggling to hold the newly gained level as traders wonder how long its strength might last.

As Cointelegraph reported earlier, ETH/USD broke above $2,000 overnight, an important psychological boundary in itself not seen since May.

Not for long then

— Crypto Tony (@CryptoTony__) August 13, 2022

Noting a trend of crowding in altcoin development, on-chain analytics firm Glassnode observed investors' desire to increase risk exposure in the current atmosphere.

"According to Swissblock's Altcoin Cycle Signal, some of bitcoin's strength has tempered as investors invested in altcoins in a low-risk environment," co-founders Yann Allemann wrote. and Jan Happel in the...