skip to Main Content
bitcoin
Bitcoin (BTC) $ 99,164.57 1.81%
ethereum
Ethereum (ETH) $ 3,481.59 0.79%
tether
Tether (USDT) $ 0.999953 0.10%
xrp
XRP (XRP) $ 2.31 0.37%
bnb
BNB (BNB) $ 704.34 2.07%
solana
Solana (SOL) $ 199.69 2.69%
dogecoin
Dogecoin (DOGE) $ 0.333702 0.92%
usd-coin
USDC (USDC) $ 1.00 0.20%
staked-ether
Lido Staked Ether (STETH) $ 3,474.24 0.72%
cardano
Cardano (ADA) $ 0.918023 0.52%

Ether Rallies to 8-Month High, Gains Ground Against Bitcoin

Consensus 2023 Logo

Deep Dive: Ethereum

Protocol Village

Austin Convention Center

Join an hour long exploration of the advancements defining the Ethereum community in 2023.

Consensus 2023 Logo

Deep Dive: Ethereum

Protocol Village

Austin Convention Center

Consensus 2023 Logo

Join an hour long exploration of the advancements defining the Ethereum community in 2023.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk’s Markets team.

Consensus 2023 Logo

Deep Dive: Ethereum

Protocol Village

Austin Convention Center

Join an hour long exploration of the advancements defining the Ethereum community in 2023.

Consensus 2023 Logo

Deep Dive: Ethereum

Protocol Village

Austin Convention Center

Consensus 2023 Logo

Join an hour long exploration of the advancements defining the Ethereum community in 2023.

Ether (ETH), the native token of Ethereum’s blockchain, rose to an eight month high on Tuesday, outshining market leader bitcoin (BTC), as U.S. stock futures traded higher while the dollar index dipped.

Ether rose nearly 3% to $1,873, the highest since August, according CoinDesk data. Bitcoin rose 1.7% to $28,300.

The ether-bitcoin ratio rose over 1% to 0.066, taking back a small portion of the 7% decline seen last month.

Futures tied to Wall Street’s tech-heavy index Nasdaq rose 0.35% to a fresh eight-month high, offering bullish cues to risk assets, including cryptocurrencies. Nasdaq futures have rallied over 20% this year, entering a bull market.

Investors continued to sell the safe haven greenback, driving The dollar index, which gauges the U.S. dollar’s exchange rate against major currencies, to a two-month low of 101.79.

Ether’s outperformance comes as the highly anticipated Shanghai upgrade is now less than two weeks away. The Shanghai upgrade will open withdrawals of ether staked in the Beacon chain since December 2020 and has been widely hailed as a long-term bullish catalyst for ether and liquid staking tokens.

“ETH looks to regain ground against BTC as part of a broader capital rotation play with crypto likely benefiting off broader equity rallies heading into a historically bullish month,” Decentral Park Capital’s portfolio manager Lewis Harland said in a weekly note published Monday.

Edited by Parikshit Mishra.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk’s Markets team.


Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


CoinDesk - Unknown

Omkar Godbole was a senior reporter on CoinDesk’s Markets team.

Loading data ...
Comparison
View chart compare
View table compare
Back To Top