In a real reversal of fortunes, it seems that it’s Ethereum’s (ETH) turn to take the lead. In Thursday’s market roundup, Bitcoin (BTC) was in control. However, there has been little follow-through as both coins pull back.
There is little news in the Ethereum ecosystem to validate the break. And right now, gas fees are still insanely high. Nevertheless, the second-largest cryptocurrency by market capitalization is above the $1,800 mark again. But will it stay there?
High fees are clearly an issue for smaller players. However, they do indicate massive demand for services on Ethereum. Perhaps one driver of the price action was Grayscale, who confirmed several trust filings in the Decentralized Finance (DeFi) space.
At press time, ETH had pulled back to $1,825 a coin after hitting $1,853 earlier in the session.
Crypto investors still strongly believe Ethereum has legs to break even higher, with $2,000 being the next target in sight.
Bitcoin Toying With $50,000
Bitcoin continues to hold well over $45,000, currently sitting at $47,200. It is becoming evident that BTC will soon be pushing for an all-time high sooner than expected.
The leading crypto has seen a dramatic price rise over the last year. And the latest sentiment in the market, coupled with the bull run could see it blast through its previous all-time high.
The overall market cap continues to climb and is holding the $1.4 trillion area quite comfortably. The total altcoin market cap reached a new daily high of $591 billion today. Altcoins still appear to have plenty of space to run.
Biggest Gainer in the Top 100
AMP was the biggest gainer in the top 100 on Thursday. The relatively new project had a nearly 50% push from $0.024 to $0.036 at the time of writing. AMP claims to be the new digital collateral token that offers instant verifiable collateralization for any kind of value transfer.
The project’s price increase saw it break into the top 60, claiming 53rd place with a market cap of $1.3 billion.
The project saw over $30 million in trading volume. 99% of that volume occurred on DEX’s UniSwap, SushiSwap, and Balancer.
Polkadot Leapfrogs XRP
The never-ending battle for fifth place continued on Thursday as Polkadot (DOT) overtook XRP once again. Both projects had seen between 9% and 16.5% gains on Thursday, Feb 11, however, it was DOT that came out on top.
The price action means that both projects are inching closer to the newest fourth place holder Cardano (ADA). It now sits at just a $1.5 billion market cap above DOT.