Ethereum price has been outperforming Bitcoin for eight months in a row.
Due to a resurgence in cryptocurrency interests, Ether (ETH) performs better than Bitcoin (BTC) since the beginning of 2022.
According to current numbers, ETH/BTC has overcome a significant barrier to cross 0.08 BTC on Aug. 13. ETH/BTC is currently attempting to hold onto the recently attained level as traders wonder how long its strength might endure.
Ethereum price rally signals altcoin season
This week, according to TradingView and CoinMarketCap, the total market cap of all altcoins passed $700 billion, marking its highest level since the end of May.
ETH/USD broke beyond $2,000 overnight, a huge psychological threshold not seen since May. The change is significant for Ether, the largest altcoin, because the range around 0.075 marked a difficult sell zone that had previously kept bulls at bay since January.
Glassnode, an on-chain analytics startup, observed a growing tendency of investors to increase their risk exposure in the current environment.
“According to Swissblock’s Altcoin Cycle Signal, some of bitcoin’s force tempered as investors divested into altcoins in a lower-risk environment,” stated co-founders Jan Happel and Yann Allemann in the “Uncharted” news segment.
They said Ethereum had outperformed Bitcoin since the Merge became clearer, pushing altcoins higher.
Potential price targets for ETH
Despite months of price growth, traders remained cautious when looking at prospective price targets.
Trading company QCP Capital stressed the need for caution when providing its most recent market report to Telegram channel followers in order to achieve greater gains in a developing altcoin market.
Staff noted that open interest (OI) on futures markets was particularly noteworthy, with ETH activity nearly double that of BTC:
“Concerns around a hard fork remain with September ETH futures trading below -8% (annualized) vs. spot. We have been taking some profit on our long spot vs. short futures spread position.”
It went on to say that Ethereum’s September Merge event might be a turning point for markets.