Bitcoin (BTC)CryptocurrencyETH (Ethereum)Price Analysis

BTC Touches $40K; ETH Approaches Two-Month Highs

Ethereum surged to 2-month highs some hours before its highly-waited London Hard Fork, standing at $2,800. Bitcoin (BTC) touched $40,000 but plunged again.

Bitcoin registered impressive upticks that had it testing $40K again after dipping to $37,500. Such actions sent altcoins to green, Ethereum leading with the increases. That comes when the dominant altcoin expects to upgrade its blockchain through the long-awaited London Fork.

BTC Tested $40K But Plunged

The primary crypto has been struggling since the market sentiments that sent BTC towards $42,600 highs. The leading digital coin registered gradual losses for the following three days, losing support after support.

The dropping trend ended yesterday as the asset saw its price hitting weekly lows at $37,500 (Bitstamp data). Bitcoin bulls stepped in to reverse the trend around this level.

The following sessions had BTC surging against the US Dollar, adding around $2,500 to its value. Such attitude saw the leading asset by market cap jumping towards $40,000.

However, Bitcoin was unsuccessful, dipping again from the level. While publishing this, Bitcoin trades below $39,000, but 2.5% higher today.

At the moment, BTC’s market cap remains over $700 billion. Meanwhile, its market dominance over alternative assets dipped as most altcoins outperformed the leading crypto.

ETH Reaches 2-Month High – London Upgrade

The ETH blockchain upgrade, London Hard Fork, is planned to happen today, 5 August. The awaited event that would reduce the network’s gas fees failed to trigger price moves over the previous few days as Ethereum plunged beneath $2,500.

Meanwhile, today’s sessions saw a reversed situation. The altcoin bounced from the lows, skyrocketing towards $2,800. With that, ETH tapped its highest point in about two months, since 8 June. Though the coin has retraced slightly since then, ETH is 8% high since yesterday.

The gains by the two leading digital coins sent most altcoins to green. Solana, Uniswap, and Polkadot gained 9 to 10%.

Also, Cardano, Ripple, Binance Coin, Litecoin, Bitcoin Cash, Chainlink, and Dogecoin registered modest gains today.

Aave saw the highest gain in the mid-cap token after gaining 19% to $360. Other that followed were Voyager Token (18% up), BitTorrent (15% gains), TRON (10% uptick), Synthetix (12% surge), and Compound (15% increase).

Meanwhile, the overall market cap added around $80 billion, standing at $1.6 trillion today.

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