ETH Rallies Alongside Bitcoin
The crypto community is absolutely euphoric. Both Bitcoin (BTC) and Ethereum (ETH), two of the largest cryptocurrencies, have been rallying over the past few days. Over the past day, according to CoinMarketCap, Ethereum is up 5.5%, pushing $309 for the first time in over ten months.
Bitcoin has followed suit, posting an even more impressive 7.5% gain as it looks to find a short-term foothold around $10,600.
Interestingly, many large and small cap cryptocurrencies have slightly underperformed these two market leaders. Litecoin, Binance Coin, Stellar Lumens, Bitfinex’s LEO, and Cosmos are among the top digital assets that are not performing well against Bitcoin and Ethereum. This, according to analyst Benjamin Blunts, who called the $3,500 Bitcoin bottom, is a sign that the closure of Binance in the United States has begun to force American traders to siphon their capital into BTC instead of “s**tcoins”.