Recently, Ethereum ((ETH-USD +4.4%)) has been on a tear, surging ~130% from its trough in mid-July, but Bitcoin ((BTC-USD +1.4%)) continues to underperform Ether’s price growth, climbing a mere ~75% in the same time frame.
If the price of BTC fully breaks out of strong $50K resistance, there may be a case of ‘fear of missing out’, or FOMO traders coming back into the crypto market to take advantage of any upside momentum, Forex Trader Christopher Lewis notes in a blog post.
Bitcoin’s (BTC-USD) network hash rate has also improved from its trough in end-June, standing at 129.2 exahashes per second, which is already up 5 EH/s from the start of the week, implying more upside for BTC if the hash rate continues to climb, Cointelegraph reports.
Bitcoin (BTC-USD) is testing $51K, while ETH flirts with $4K level.
Well-known proxies for BTC and ETH like Grayscale Bitcoin Trust (OTC:GBTC) and Grayscale Ethereum Trust (OTCQX:ETHE) both gain 3.3% and 5.1%, respectively, in premarket trading.
Aside from the two largest cryptos by market cap, Solana (SOL-USD) surges 19.7% in the past 24 hours, while Litecoin (LTC-USD) also climbs 7%.