Bitcoin (BTC) stayed near $ 60,000 on October 22nd after the largest altcoin, Ether (ETH), failed to hit a new all-time high.
All-time high ETH? Blink and you will miss it
Cointelegraph Markets Pro and TradingView ETH / USD data just hit the record $ 4,380 on Bitstamp before being harshly rejected.
Traders have watched eagerly as Ethereum appears to haunt Bitcoin to new historical levels, only to encounter immediate resistance and plunge back into lower ranges.
We can’t even celebrate $ ETH ATH for more than 30 seconds
Ruthless Market Makers Lmfao
– Johnny (@CryptoGodJohn) October 21, 2021
Trader and analyst Rekt Capital Is called Event a “perfect rejection”.
At the time of writing, ETH / USD was hovering around $ 4,150 and holding on to $ 4,000 as support, barring a quick pullback just after the all-time high.
Compared to Bitcoin, Ethereum has outperformed, with the ETH / BTC pair rising near the lows last seen in late July.
Bitcoin could see “additional euphoria on top”
Likewise, Bitcoin itself took a longer hiatus as the overheated market dampened their excitement as it couldn’t hold up much higher.
Related: Too Popular: Bitcoin Futures ETF Risks Hit Upper Limit For Contracts
Funding rates normalized on Friday after reaching a state reminiscent of April spikes.
For open interest, however, these aren’t quite as hectic as the second-quarter rush, which hit an all-time high of $ 64,900 this week.
“That means there could be more room for top euphoria, but we are at a level that is slowly expanding the market,” commented crypto trading firm QCP Capital in its latest market.