Bitcoin has broken $21,000 after sitting below $20,000 earlier this week. The top cryptocurrency has risen 10.1% on the day.
It’s trading at about $21,030 at press time breaking through the crucial psychological $20,000 level it has remained trapped beneath since the start of the week. Though there’s no clear catalyst behind Bitcoin’s bullish move, a declining dollar and rising equities may be responsible.
Notably, Bitcoin has outpaced Ethereum to the upside despite losing ground to the second-ranked crypto asset since mid-July. After the Ethereum to Bitcoin ratio reached a 2022 high of 0.085 earlier this week, ETH has lagged behind BTC in the recent surge. ETH is currently trading at $1,723, up 6.5% today.
The top crypto is leading the way despite anticipation for Ethereum’s highly-anticipated merge of proof-of-stake hitting a fever pitch.
Bitcoin’s dominance over the global cryptocurrency market capitalization has rebounded from historical support at around 39%, hinting that further gains against Ethereum could be in the cards.