Bitcoin’s market has risen to the highest level since April 2021, when it was dominated by about 50. At the end of the third quarter, Bitcoin continued to trade within familiar ranges, while Ethereum and other smaller crypto tokens went sharply lower to fresh lows for the year. This aligns with a rising acceptance of Bitcoin as money, while Ethereum’s valuation increasingly seems linked to its cash flows, per IntoTheBlock analytics.
Bitcoin's dominance surged to its highest level since April 2021 in Q3, with $BTC trading sideways while $ETH and smaller tokens hit new yearly lows. This suggests BTC is being valued as money, while ETH's valuation is more tied to its cash flows, according to @intotheblock pic.twitter.com/pABPXu5cnD
— Satoshi Club (@esatoshiclub) October 7, 2024
At the time of writing, Bitcoin is trading at $63,460, with a 1.75% increase over the last 24 hours. The volume within 24 hours was $17.30 billion, highlighting strong trading activity and showing a steady movement in the green zone.
Solid Stability of The Bitcoin ($BTC) Value in The Midst of Fluctuations
Ethereum ($ETH) has been unable to sustain such growth while Bitcoin’s constant performance surpasses many altcoins. Other altcoins have also suffered massive price dumps, making Bitcoin stand tall despite the drastic oscillation in the market. This marked contrast in results indicates how Bitcoin has stood its ground relative to other cryptos, which rely more on trading.
Ethereum ($ETH) and other small tokens fall to new lows
Another larger token affected by these circumstances is Ethereum, the second most popular cryptocurrency, and other small ones that greatly differ in prices, sharply fluctuating in value. This comes even as Bitcoin maintains a firm stand-up and expands the disparity in the market ratings.
At the timing Ethereum ($ETH), showing an overall upward trend over the past 24 hours. Starting at around $2,440, the price experiences some volatility, with a sharp dip below this level in the early hours. However, the price rebounded strongly, reaching a peak near $2,520 before facing minor fluctuations and stabilizing around $2,477 at the latest point.
