It was a bloody Wednesday for the crypto markets as Bitcoin (BTC) dropped from $8,000 to around $7,300 in a matter of hours.
While the bleeding looks to be far from over for the leading digital currency, altcoins have displayed some interesting strength relative to BTC over the course of the last 24 hours.
Perhaps most notable of the altcoins showing strength at the moment is Ethereum (ETH), which saw a turbulent day of trading that ended with a bullish close.
ETH/BTC surged to more than ?0.0217 to close out the day, helping Ethereum break out of its recent downtrend and keeping the longer-term uptrend since September alive.
$ETH / $BTC — 1D; holy. shit. Look at that close. I know everyone is super bearish right now but I think BTC ranges and ETH runs. Someone bought this up today. pic.twitter.com/lLt3sm9E5Q
— Craig Russo (@Ecnar_Official) October 23, 2019
The next few days of trading are critical for Ethereum but if bulls are able to keep up the momentum, it could mean further upside for the ETH/BTC pair.
US investors looking to trade ETH commission-free and earn $25 in free BTC can sign up for the Voyager app through this link (or use code: SLUDGE25).
Related: Ethereum’s (ETH) Price and DeFi Fundamentals Don’t Match up
Recent: Bitcoin (BTC) Crash Helps BINANCE US Hit Record Daily Volume
Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.
