Ethereum extends gains to 3-month high, bitcoin struggles to break $50K resistance

The second-largest cryptocurrency by market cap Ethereum ((eth to usd +4.7%)) tests heavier resistance of $3.6K-3.7K because it continues to outpace the largest crypto Bitcoin ((BTC-USD -0.1%)) in the past week, Bitcoin.com reports.

Before five days, Ether (ETH-USD) has gained 5.3%, while bitcoin (BTC-USD) edged lower by 3.8%. Even on a year-to-date basis Ether (+372%) dominates bitcoin (+60%).

Grayscale Ethereum Trust (OTCQX:ETHE) jumps another 4.7% in the past 24 hours, while Grayscale Bitcoin Trust (OTC:GBTC) climbs merely a 0.2%.

Inspite of the recent gap in Ether and BTC, the 2 crypto assets show a correlation of 0.93, which is still relatively high, according to data from Intotheblock.

Ether's price outperformance may be attributed to its recently implemented EIP-1559 upgrade, that has burned more than $500M in ether, or ~156,960 ETH, according to data from Dune Analytics.

Crypto assets are primarily in the green on Wednesday such as for instance: Cardano ((ADA-USD +1.8%)), Litecoin ((LTC-USD +2.6%)), Bitcoin Cash ((BCH-USD -0.3%)), Binance Coin ((BNB-USD +1.4%)), and Dogecoin ((DOGE-USD +0.8%)).

Crypto-related names are mixed amid bitcoins' slowing momentum including: Marathon Digital Holdings ((MARA +0.4%)), Riot Blockchain ((RIOT -0.5%)), Hut 8 Mining ((HUT -0.3%)), Bit Digital ((BTBT -1.9%)), Bitfarms ((BITF +0.3%)), FutureFinTech Group ((FTFT +1.2%)), Coinbase Global ((COIN +2.1%)), and Silvergate ((SI +1.3%)).

In end-August, Ethereum bolstered by network upgrade, inflows, bitcoin falls behind.

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