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Altcoins connected to Ethereum are seeing an upward trend as ETH reaches a 21-month peak exceeding $2.9K, according to Market Watch

Crypto World News
Noteworthy performers include MATIC and OP among the more substantial altcoins. Following a relatively quiet weekend where BTC dipped briefly below $51,000, the cryptocurrency has recovered, currently surpassing $52,000 once again.
The trading week that concluded on February 11 marked BTC's most significant surge since October, boasting a 13% increase. The past seven days showcased impressive performance for the primary cryptocurrency. Starting with a substantial uptick on Monday that propelled Bitcoin beyond $50,000, a brief retracement ensued on Tuesday following the US announcement of the latest CPI numbers.
BTC's upward momentum returned later in the week, propelling the asset to $52,900 by Thursday, a level not seen since late 2021. Despite a subsequent dip to $50,500 on Saturday, the past 36 hours have seen a gradual increase, with BTC currently hovering just over $52,000. This marks the end of another week with a significant rise of over three thousand dollars.
BTC's market capitalization remains above $1.020 trillion, while its dominance over altcoins has diminished to 49.2% on CG.
Ethereum has been steadily gaining value in recent weeks, potentially mirroring the BTC surge during the heightened anticipation of spot Bitcoin ETF approvals. ETH has risen by another 4% in the past 24 hours alone, now resting at a 21-month peak above $2,900. Community expectations for the SEC to approve spot Ethereum ETFs contribute to this surge.
In the last 24 hours, other tokens associated with the Ethereum landscape have also experienced increases. MATIC has risen by 5%, reaching close to $1, while OP has surged by 6%, trading at $3.9.
Solana has reclaimed the $110 level after a 2.5% increase, mirrored by DOGE, which has climbed above $0.086. In contrast, BNB has retraced by over 1%, settling at $350.
Despite these individual fluctuations, the overall cryptocurrency market cap has surged by over $40 billion overnight, now standing above $2.080 trillion on CG.

February 19, 2024