“The crypto market is primarily focused on Ethereum and the catapulting DeFi sector right now,” said one analyst.
The DeFi-related assets have grown by double digits so far this year.
Bitcoin rose as traders looked towards further Fed support after the U.S. jobs miss. Altcoins continue to outperform.
Atcoins are rising, ether hits another all-time high and bitcoin’s correlation to gold drops to zero.
Ethereum Classic pops 53%, while bitcoin recovers and ether pushes back toward its all-time high.
Some see ether and bitcoin now behaving as very separate assets, which normally isn’t the case.
The ether market is experiencing record numbers for spot, futures and DeFi. Bitcoin is in the backseat for now.
The last time bitcoin traded at this level was almost two weeks ago, on April 17.
Bitcoin’s dominance is less than half of the crypto market as assets like ether and binance coin captivate traders.
Bitcoin’s stagnant market is due to investors continuing to explore other cryptocurrencies, says one trader.
Bitcoin's rise this week comes after a weekend where its price went as low as $47,272.
Bitcoin’s recovery may spark momentum that should persist this week, said one trader.
Analysts pointed to the Biden proposal to double capital gains taxes on high-income individuals as the catalyst.
As BTC's price continues lower, one possible benefit is a decrease in the crypto's volatility.
The price of bitcoin has changed little over the past 24 hours, despite the asset’s notorious volatility.