Ethereum Price Jumps to 8-Month High After Bitcoin Plunges $645

Bitcoin’s breathtaking rally has dominated the headlines in recent weeks, but today it’s the second-largest cryptocurrency’s turn to enjoy the spotlight. The ethereum price surged as high as $281.77 on Thursday, launching ETH to an eight-month high.

The cryptocurrency asset witnessed massive capital influx into its market when its frontrunner bitcoin began to correct from its overbought territory. The inverse correlation signified that bitcoin investors were hedging into the ether market, a theory further validated by ETH’s 16% appreciation against bitcoin in the last 24 hours, as shown in the chart below.

Reference: https://www.ccn.com/ethereum-price-jumps-to-8-month-high-after-bitcoin-plunges-645

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