Ethereum Reclaimed $3K Once Again As BTC Charts 20-Day High

Ethereum reclaimed $3K once again with Bitcoin charting a 20-day high and hit $43,000 as we can see more in today’s latest altcoin news.

After dipping below $41,000, BTC went on the offensive again and exceeded $43,000 with other altcoins being in the green and ADA nearing $1 while Ethereum reclaimed $3K. The reports show that Bitcoin’s brief retracement drove the asset from $42,500 to under $41,000 and this came after a positive trading day where the crypto reclaimed $40,000 after a week and stood below this coveted level. However, the price dip was short-lived and the BTC bulls regained control over the market, pushing Is north once again. This time, the digital asset added another $2000 in the hours and spiked to $43,000.

crypto market
Cryptocurrency Market Overview. Source Quantify Crypto

As such, BTC painted its highest price tag since March 3rd and as of now, BTC lost some ground and stands near $42,500. the market cap reclaimed the coveted $800 billion mark and has a dominance over the alternative coins of over 42%. The alternative coins mimicked bitcoin’s price performance and most turned green today. Ethereum is only one of the examples as the second crypto tied its hand at $3000 for a few days now but to no avail. Yesterday’s market correction pushed ETH south for over $2800 and since then, the situation changed with the asset jumping to $3000.

Binance Coin increased by over 3% in the past day and now stands above $400 while Solana, Polkadot, Ripple, DOGE, and SHIB all charted similar gains. Ethereum Classic is among the best performers with a 14% surge to $44 and Bitcoin Cash, EGLD, and Algorand have also been in the green. The market cap of all assets is up by $60 billion in one day, reclaiming the $1.9 trillion level.

BTCUSD. Source TradingView

As recently reported, Ethereum’s burn mechanism is more popular than ever as the second biggest network has officially destroyed almost $6B in ETH or over 2 million coins since its introduction last August. According to watch the burn, the dashboard monitoring the burn mechansim, we can see that a total of 2,000,996 ETH has been burned since its inception which is more than $5.82 billion removed from circulation forever. The implemented London HArd fork, EIOP 1559 is the technical name for the burn mechansim and was just one of the few updates that were made to the network. The specific Ethereum Improvement Proposal restricted the fee structure of the network.

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Author: Stefan