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Ethereum (ETH) is once again seeing strong gains as the cryptocurrency pushes over $220 for the first time since September 2019. As it stands, ETH is now up almost 6% in the last 24 hours—adding well over $1 billion to its market capitalization in the last day.
Ethereum is also racking up strong gains against Bitcoin (BTC), and is now up more than 4% against the leading cryptocurrency. At a value of 0.0226BTC/ETH, this is now its highest value against BTC since October 2019. Now that Ethereum has breached the $200 psychological threshold, there now appears to be little resistance to further gains.
This price action comes at a time when the vast majority of cryptocurrencies are in the green today, with the total market capitalization of all cryptocurrencies swelling by a modest 2%—much of which can be attributed to the growth of altcoins like Ethereum. As such, Bitcoin (BTC) has seen its market dominance shrink to under 64% as altcoins rack up the gains.
However, it appears that more than a handful of altcoins didn't get the memo, and are instead accruing serious losses. Among these, Ethereum Classic (ETC) is one of the worst performers and is now down more than 6% since yesterday. ETC now sits at around $11.80—still up just over 7% in the last week and 140% in the last month.