Ethereum Eyes $1.8K Days Before Merge, BTC Steady Above $21K (Market Watch)

Time Stamp: September 11, 2022 4:52 AM

After the recent volatility, bitcoin seems calmer today but still stands tall above $21,000.

Tezos is among the best performers from the mid-cap alts, while Ethereum continues to march towards $1,800 ahead of the long-anticipated Merge.

Bitcoin Saw New Weekly High

The primary cryptocurrency had a tough week as it plummeted to a six-week low in the middle of it at just over $18,500. This continued the recent trend of losing a lot of value since it dumped below $20,000 at the end of August.

However, BTC recovered some ground after that local low and reclaimed $19,000. Even the record interest rate hike from the European Central Bank didn’t move it.

When the end of the week approached, the asset actually went on the offensive and spiked above $20,000. Friday saw even more impressive gains as bitcoin jumped to and beyond $21,000.

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Despite calming in the past 24 hours, BTC still managed to chart a new two-week high at over $21,700. Its market capitalization has remained well above $400 billion, while its dominance over the altcoins is still north of 39%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Ethereum Eyes $1.8K

Most altcoins went through similar volatility in the past several days but sit calmer now. Ethereum is a prime example, as it plummeted below $1,500 during the most intensive days of the market crash. Now, though, the second-largest cryptocurrency is close to touching $1,800 as the Merge is approaching fast.

Cardano, Polygon, and TRON have also charted insignificant daily gains. In contrast, Binance Coin, Ripple, Solana, Polkadot, Dogecoin, Shiba Inu, and Avalanche are slightly in the red from the larger-cap alts.

EOS and Tezos have added the most value in a day from the mid-cap alts. EOS is up by 4% to $1.75, while XTZ trades north of $1.7 following a 5% increase.

Overall, the cumulative market capitalization of all crypto assets has added a few more billions and now sits above $1.050 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts by TradingView.

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