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

The second-largest cryptocurrency by market cap Ethereum ((ETH-USD +4.7%)) tests heavier resistance of $3.6K-3.7K as it continues to outpace the largest crypto Bitcoin ((BTC-USD -0.1%)) in the past week, Bitcoin.com reports. In the past 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 a mere 0.2%. Despite the recent gap in Ether and BTC, the two crypto assets show a correlation of 0.93, which is still relatively high, according to data from Intotheblock. Ethers' price outperformance may be attributed to its recently implemented EIP-1559 upgrade, which 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: Cardano ((ADA-USD +1.8%)), Litecoin ((LTC-USD +2.6%)), Bitcoin Cash ((BCH-USD