Markets
Bitcoin (BTC) Price Hits $67,000, Ethereum (ETH) Rises Above $3,1,000 (Weekend Observation)
Bitcoin’s most recent run continued over the past 24 hours as the asset’s price rose to its highest price in over a month yesterday, just over $67,400.
Ethereum eventually joined the party as well, having broken through the coveted $3,000 resistance line and jumping above $3,100.
BTC sees 5-week high
Bitcoin suffered greatly in early May, falling to a multi-month low below $57,000. It began to regain ground in the following week, when it surpassed $65,000 on May 6, but quickly reversed its trajectory and saw its price fall below $61,000 on May 10.
At this point the bulls intercepted the movement and did not allow further declines. In contrast, BTC held its ground last weekend and began rising on Monday to just over $63,000. Another brief correction occurred Tuesday at $61,200, but the value lowering inflation rates in the United States, announced on Wednesday, sent the cryptocurrency soaring.
In a matter of hours, BTC skyrocketed by several thousand dollars and surpassed $66,000. Although there was another brief retracement, the Increasing inflows of Bitcoin ETFs meant further price increases for the underlying asset, which yesterday marked a 5-week high of over $67,400.
Despite losing ground since then, BTC is still trading at around $67,000. Its market capitalization increased to $1.32 trillion on CG, but its dominance over alternatives fell slightly to 51.6%.
Bitcoin/Price/Chart 18.05.2024. Source: TradingView
ETH surpasses $3.1 thousand
The second-largest cryptocurrency was among those that lagged in terms of earnings reported before and was losing ground to BTC. This is because ETH has failed to decisively recover the $3,000 mark despite numerous challenges in recent weeks.
However, that resistance level finally gave way yesterday, allowing Ether to rise above $3,100 for the first time in more than a week.
Most other larger-cap alternatives are also in the green, with gains of around 1-2%. In contrast, Toncoin has rallied more than 3%, as has HEAR, which is down 4%.
The total cryptocurrency market capitalization increased by approximately $20 billion overnight and now stands at $2.560 trillion on CG.
Cryptocurrency market overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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Cryptocurrency charts from TradingView.