Ethereum Classic Exploded By 33% As Bitcoin Taps Weekly High: Analysis

Ethereum classic exploded by 33% while Bitcoin tapped a new weekly high and the market is up by $1 trillion so let’s have a closer look at today’s altcoin news.

Bitcoin kept on climbing after the minor retracement from a day ago and jumped above $21,500 to mark a new high of the week. The altcoins are also in the green with ETH charting a new peak and other increases were evident from Solana, MATIC, BNB, and Polkadot. The past week was not so good for the main cryptocurrency as the asset was rejected at $22,000 and lost value gradually. The situation got worse in the middle of the week when the US announced new CPI numbers showing Bitcoin reacted with strong volatility and dropped below $19,000.

However, BTC began its recovery after and came knocking on the $20,000 door a few days later after taking a few attempts but then reclaimed the coveted level and kept on increasing. After being stopped at $21,000 yesterday, the bulls returned to the scene and nudged Bitcoin north of the line so now BTC stands above $21,500 after charting a new weekly high. The market cap surged above $400 billion but the dominance of the altcoins dropped to 42% as most of them were in the green.

As mentioned, the alternative coins are also in green. For exampel, Ethereum leads the way with a strogn 14% increase and spiked above $1400 a few hours ago. Similar price increases were evident from Avalanche, Matic, Solana, and Polkadot which all soared by double digits. SOL trades above $40 and DOT north of $7. Cardano, Ripple, BNB, Tron, Litecoin, DOGE, and SHIB also entered the green. Ethereum classic exploded by 33% and it is the best performer among the lower cap altcoins, trading near .
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with most altcoins charting some strong gains, the market cap added over $60 billion in one day and sits near the $1 trillion mark.

As recently reported, Ethereum’s ETH jumped 12% as Merge approached fast and the bullish price movement is closely related to the Merge event which is expected to happen in September. The highly anticiapted upgrade will transition ETH from the PoW blockchain network to PoS network and the upgrade is expected to improve the network’s scalability but also reduce the carbon footprint. Alongside the trial of the latest est fork, the activity of the ETH-based apps is also increasing.