Bitcoin Cash Skyrocketed 50% Following Ethereum’s Surge To ATH

Bitcoin Cash skyrocketed 50% as it followed Ethereum’s surge to a new all-time high, signaling that the altcoin season is on the horizon as we can see further in our Bitcoin Cash news today.

Most alternative coins have continued their recent bull run including the double-digit increases on behalf of the larger-cap altcoins like Bitcoin Cash, Bitcoin SV, Chainlink, Litecoin, Cardano, and Ripple. Ethereum has surged as well to a new high, inching on a new all-time high above $1450. BTC stalled slightly around the $41,000 price point with its dominance over the market reducing to 68.5%.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As reported recently, the most bigger-cap altcoins took a break after the few consecutive days of charting gains but the situation changed entirely over the past day. ETH leads with a strong 12% surge to a 3-year high of $1350 but the second-biggest crypto by market cap came $100 close from breaking a new all-time high. The data from CoinGecko shows that ETH’s highest price tag was $1450. Bitcoin Cash skyrocketed 50% on the news, Binance Coin surged by 6%, and Polkadot by 7%.

The rest of the top altcoins surged by double-digit including Ripple by 11.5%, Cardano by 11.5% as well, Litecoin by 11.2%, and Chainlink by 18%. Bitcoin Cash and Bitcoin SV stole the show on a 24-hour price chart with huge gains of 44% and 55% which made BCH go above $600 and BSV near $300. Further gains were mostly evident from Dash 45%, Ethereum Classic 30%, Holo 27%, Zcash 25%, 0x 23%, and Compound 22%. Overall, the total market cap reached a new all-time high of $1120 trillion.

BTCUSD. Source TradingView
BTCUSD. Source TradingView

Most altcoins went on a wild ride but the primary cryptocurrency seems relaxed which is typical in an altcoin season. BTC marked its latest all-time high of $42,000 a few days ago before dumping on two occasions. The asset reclaimed most losses and managed to increase above $40,000. BTC initiated another move above this level before retracing around $41,000. The impressive gains registered by the altcoins reduced the BTC dominance on the market to 68.5% after hovering above 70% a few days ago.

As recently reported, One crypto analyst believes that the unprecedented BTC rally will lead the altcoins into uncharted territory as coins have yet to return to the highs set years ago. This market occurrence with the coins growing in USD Value but crashing on the BTC pairs will be the thing that will get them to the unchartered territory

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