Ethereum Price Jumps to 8-Month High After Bitcoin Plunges $645
By CCN: Bitcoin’s breathtaking rally has dominated the headlines in recent weeks, but today it’s the second-largest cryptocurrency’s turn to enjoy the spotlight. The ethereum price surged as high as $281.77 on Thursday, launching ETH to an eight-month high.
Ethereum Price Finally Joins the Crypto Party
The cryptocurrency asset witnessed massive capital influx into its market when its frontrunner bitcoin began to correct from its overbought territory. The inverse correlation signified that bitcoin investors were hedging into the ether market, a theory further validated by ETH’s 16% appreciation against bitcoin in the last 24 hours, as shown in the chart below.
The ethereum price rose more than 15% against bitcoin. | SOURCE: COINMARKETCAP.COM
The bitcoin price, as CCN reported, doubled during a breakneck 45-day bull run, bringing its gains for 2019 to an impressive 119.26%. The move allowed the cryptocurrency to break above several crucial resistance targets, the last being $8,000, to reclaim a nine-month high of $8,391 on Bitstamp.
The ethereum price, meanwhile, held relatively flat. The cryptocurrency failed to catalyze a massive rally like bitcoin did – at least until May 11 when it suddenly popped more than 20%. The surprise upside movement matured into a full-fledged interim bull run, and ETH ultimately soared 63.59% in just six days.
Against $BTC: Very very bullish movements and broke the important 0.03 level. Needs to find support.
Against $USD: Resistance hit. Calmer patterns now to find support seems likely. This will generally give space to smaller altcoins to follow -> cycles. pic.twitter.com/SclI00w3Cv
— Crypto Michaël (@CryptoMichNL) May 16, 2019
Notably, the bitcoin price corrected lower today, plunging more than 7.5% to an intraday low at $7,746. As of the time of writing, BTC/USD stood at $7,941 for a daily loss of around 2%.
