Ether (ETH), the native token of Ethereum's blockchain, rose to an eight-month high on Tuesday, outshining market leader bitcoin (BTC) as U.S. stock futures traded higher while the dollar index dipped.
Ether rose nearly 3% to $1,873, the highest since August, according CoinDesk data. Bitcoin rose 1.7% to $28,300.
The ether-bitcoin ratio rose over 1% to 0.066, taking back a small portion of the 7% decline seen last month.
Futures tied to Wall Street's tech-heavy index Nasdaq rose 0.35% to a fresh eight-month high, offering bullish cues to risk assets, including cryptocurrencies. Nasdaq futures have rallied over 20% this year, entering a bull market.
Investors continued to sell the safe-haven greenback, driving the dollar index, which gauges the U.S. dollar's exchange rate against major currencies, to a two-month low of 101.79.
"ETH looks to regain ground against BTC as part of a broader capital rotation play with crypto likely benefiting off broader equity rallies heading into a historically bullish month," Decentral Park Capital's portfolio manager Lewis Harland said in a weekly note published Monday.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.