Bulls are back to the cryptocurrency markets as the benchmark tokens Bitcoin and Ethereum surged to their highest levels in almost 3 months. In just a week Bitcoin is up 8% but the real crypto star has been Ethereum.
Bitcoin was trading at $44,470 on Monday morning, a level last seen in May. Ethereum outperformed Bitcoin by a great margin after an upgrade to its underlying network that signals a more constrained supply of the token.
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Ethereum was $2,930 at the same time, which is four times its price at the starting of the year. Ether had crossed over the $3,000 barrier which it failed to maintain. Bitcoin has been a laggard as compared to ETH as it has moved only 40% higher year-to-date.
In the last week, the market cap of the cryptos rose 17% from $1.61 trillion to $1.89 trillion.