Bitcoin (BTC) stayed closer to $ 60,000 on October 22 after the higher altcoin Ether (ETH) failed to cement new all-time highs.
Highest ETH of All Time? Blink and you'll miss it
Data of Cointelegraph Markets Pro and TradingView ETH / USD just matched its record high of $ 4,380 on Bitstamp before seeing a harsh rejection.
Traders watched in advance how Ethereum appeared to follow Bitcoin to new all-time highs, only to face immediate resistance and fall sharply back to a lower range.
We couldn't even celebrate $ ETH ATH for more than 30 seconds
Ruthless Market Makers by lmfao
- Johnny (@CryptoGodJohn) October 21, 2021
Trader and analyst Rekt Capital called the event a "perfect picture of rejection".
At the time of this writing, ETH / USD was circling $ 4,150, holding $ 4,000 as support, with the exception of a sudden drop that immediately followed the highest rematch of all time.
Against Bitcoin, Ethereum fared better as the ETH / BTC pair bounced near the lows last seen in late July.
Bitcoin could see "additional euphoria on the surface"
Having similarly failed to sustain significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled its enthusiasm.
Related: Too popular: Bitcoin futures ETFs in danger of hitting upper limit for contracts
Funding rates returned to normal on Friday, having reached a state reminiscent of the April high.
However, as with open interest, these were not as frenzied as the second-quarter rush, which produced the all-time high of $ 64,900 until this week.
"This means that there is possibly still room for additional euphoria on the surface, but we are at levels that are beginning to stretch the market," crypto trading firm QCP Capital commented in its latest market update.
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