Ethereum has reached a key inflection point against Bitcoin – and a breakout could push the entire altcoin market higher, traders say.

This morning Ethereum was trading for 0.07759 BTC, its highest level since early September. It also traded briefly around that same level in mid-May, just before the crash. A move to 0.0794 would be a six-month high, while 0.083 BTC would be a three and a half year high.

EthBTC on the daily chart. (Stockhead/Tradingview)

At lunchtime (Sydney time), Bitcoin was trading for $US57,441, down 0.6 per cent from yesterday, while Ethereum was 2.9 per cent higher at US$4,465.

Crypto market up 1%

Overall the crypto market stood at US$2.61 trillion, up 0.99 per cent from 24 hours ago.

All of the top 10 coins except BTC were in the green, with Dogecoin the biggest gainer, rising 4.8 per cent to US21.8c.


Self-amending smart contract platform Tezos has been the biggest gainer in the top 100, rising 19 per cent to US$5.52.

Stacks was up 13.6 per cent and Shiba Inu coin gained 10.6 per cent ahead of its listing on Kraken tomorrow.

On the flip side, Ethereum Name Service was the biggest loser in the top 100, falling 11.8 per cent to $69.64 – although that’s still a 70 per cent gain for the past seven days for the new coin.

Loopring, Gala Games, the Coin and Basic Attention Token all cooled off as well, dipping by 9.7 to 7.4 per cent.

The Sandbox dipped 5.0 per cent to US$7.04 following the alpha release of its virtual world in the overnight hours.