Ethereum hits 8-month highs in BTC as money heads for 'riskier' altcoins

cointelegraph.com:

Ether (ETH) is worth more in Bitcoin (BTC) than at any time since the start of the year amid renewed appetite for altcoins.

Data from Cointelegraph Markets Pro and TradingView confirms that ETH/BTC has cleared key resistance to pass 0.08 BTC on Aug. 13.

The move is impressive for largest altcoin Ethereum, as the area around 0.075 represented a troublesome sell zone which had previously kept bulls in check for since January.

At the time of writing, ETH/BTC is working to retain the newly-won level, as traders query how long its strength might last.

As Cointelegraph reported earlier, ETH/USD passed $2,000 overnight, a significant psychological boundary in itself unseen since May.

Not for long then

Noting a trend to pile into altcoins developing, on-chain analytics firm Glassnode eyed a desire among investors to heighten risk exposure in the current atmosphere.

"According to Swissblock’s Altcoin Cycle Signal, some of bitcoin’s force tempered as investors divested into altcoins in a lower-risk environment," co-founders Yann Allemann and Jan Happel wrote in the latest edition of their "Uncharted" newsletter.  

The overall altcoin market cap also reached its highest since the end of May this week, passing $700 billion, according to figures from TradingView and CoinMarketCap.

Turning to potential price targets for Ethereum, traders nonetheless remained conservative after months of upside.

Related: Price analysis 8/12: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, MATIC, AVAX

"$ETH to $2200 as long as we stay above $1737," popular account Crypto Chase summarized.

"LTF trend v bullish: I'm eyeing breakout if $2k is claimed --> $2.4K," fellow account Karoush AK continued.

In its latest market update to Telegram channel subscribers, meanwhile,