Ethereum’s native asset, Ether (ETH), has extended its rally on Wednesday to log multi-month highs against Bitcoin (BTC) and the United States dollar.
The ETH/BTC exchange rate rose 3.13% to hit 0.07475 for the first time since June 9. Meanwhile, bids for ETH/USD climbed 3.4% to $3,546, the highest since May 18, showcasing a renewed upside sentiment in the second-largest cryptocurrency market after it consolidated sideways for more than three weeks.
Ether’s price jump appeared despite a wobbling price behavior across the cryptocurrency market. For instance, Bitcoin prices remained stuck around $47,000 while eyeing a clear breakout move above their psychological resistance level of $50,000.
Similarly, one of Ether’s top rivals, Cardano (ADA), also consolidated sideways following its 100%-plus price rally in August, while its market dominance fell from 4.54% between Aug. 8 to 4.26% at the time of writing.