Ethereum has surged to $4,670, its highest level in nearly 11 months, indicating that the second phase of the altcoin cycle is underway. Summary Ethereum just broke $4.6K, driven by liquidations, treasury buying, and ETF inflows. Altcoins are heating up, supported by global liquidity growth and falling Bitcoin dominance. The macro backdrop is favorable, but market participants should watch for resistance and volatility. This is according to a CoinGecko blog post published Aug. 12, which notes Ethereum’s (ETH) market dominance has risen to 20.8%, up from 17.5% in May. CoinGecko notes that rotation of capital from Bitcoin (BTC) into altcoins,…
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