Binance Coin (BNB) Soars to 2-Year High, Ethereum (ETH) Nears $4K (Market Watch)

2 months ago 18

After several days of enhanced volatility, Bitcoin has finally calmed and sits at just over $67,000.

This has provided opportunities for some larger-cap alts to catch up, as both BNB and ETH have charted multi-year peaks.

BTC Stalls at $67K

Bitcoin had a highly positive last week in which it gained over ten grand. It stalled during the previous weekend but went back on the offensive on Monday and the overall sentiment in the community that the all-time high of $69,000 will fall soon.

This indeed transpired on Tuesday afternoon when the bulls took charge, initiated an impressive leg up once again, and BTC soared to a new peak of $69,300.

However, the landscape changed rapidly and violently at this point. Instead of breaking further above, BTC was rejected and dumped by roughly ten grand in hours, leaving billions in liquidations.

After slumping to under $60,000, BTC began a rather immediate recovery and went back to $67,000 by Wednesday. Since then, the asset has failed to make a big move in either direction and sits just over that line now as well.

Its market cap is still above $1.3 trillion, but its dominance over the alts has slipped to 49.2% on CoinGecko.

ETH, BNB on the Run

Ethereum has also been performing well in the past few weeks and has slowly inched all the way up to almost $4,000. The last time the second-largest digital asset stood at this level was about two years ago.

The third-largest crypto was trailing until recently, but an 8% daily surge has pushed it to its highest price tag since January 2022 of $470.

Dogecoin has recovered most of yesterday’s losses and sits above $0.16 once again. SHIB has done the same and trades at $0.000034. BCH, ETC, ARB, and TIA are also well in the green from the larger-cap alts.

The total crypto market cap is up by more than $40 billion overnight and now stands close to $2.7 trillion on CG.