As a seasoned crypto investor, I’ve seen my fair share of market ups and downs, but the recent surge in Bitcoin (BTC) and Ethereum (ETH) prices has been particularly exhilarating. I remember how disheartening it was to see BTC drop below $57,000 in early May – a loss that stung for many of us in the community. But just when we thought the bearish trend would continue, the bulls stepped in and rallied the market back up.
As a crypto investor, I’ve witnessed an impressive surge in Bitcoin‘s price within the last 24 hours. Yesterday, the cryptocurrency reached its peak value in over a month, soaring above $67,400.
Ethereum has finally broken through the significant barrier of $3,000, reaching new heights above $3,100.
BTC Sees 5-Week Peak
Bitcoin experienced a significant setback at the beginning of May, reaching a low of below $57,000 – a figure not seen in several months. However, it made some progress in the subsequent week, surging above $65,000 on May 6. Unfortunately, this upward trend was short-lived, and Bitcoin’s price plummeted once more to under $61,000 by May 10.
At this juncture, the bulls thwarted any additional drops and kept Bitcoin stable. Conversely, Bitcoin stood firm over the weekend and ascended to surpass $63,000 on Monday. A minor correction occurred on Tuesday, bringing the price down to $61,200. However, the announcement of decreasing inflation rates in the US, made public on Wednesday, propelled Bitcoin upward.
Within just a few hours, Bitcoins price surged several thousand dollars and broke through the $66,000 mark. A momentary dip occurred afterward, but robust inflows into Bitcoin ETFs fueled further growth, pushing the asset to reach a new 5-week peak of over $67,400 on the previous day.
As a researcher studying the cryptocurrency market, I’ve observed that Bitcoin (BTC) has experienced some setbacks since then, with its current price hovering around $67,000. The digital currency’s market capitalization has grown significantly to reach approximately $1.320 trillion on CoinGecko. However, the dominance of BTC over altcoins has slightly decreased, now accounting for roughly 51.6% of the total crypto market share.
ETH Goes Beyond $3.1K
As a researcher studying the cryptocurrency market, I’ve observed that Ethereum, the second-largest digital currency, has been lagging behind in terms of price gains compared to Bitcoin. Despite several attempts, Ethereum failed to surpass the $3,000 mark convincingly during the past few weeks.
Yesterday, the resistance level at $3,100 for Ether finally broke, resulting in a significant price increase.
Amongst larger-cap alternatives, most other cryptocurrencies are experiencing gains between 1% and 2%. However, Toncoin and HEAR stand out as exceptions. While Toncoin has seen a decline of over 3%, HEAR has experienced a more significant loss with a drop of approximately 4%.
The cryptocurrency market capitalization has experienced a significant increase of approximately $20 billion within the past 24 hours, bringing the current total to an impressive $2.56 trillion according to CoinMarketCap.
Read More
- PENDLE PREDICTION. PENDLE cryptocurrency
- ACT PREDICTION. ACT cryptocurrency
- Skull and Bones Players Report Nerve-Wracking Bug With Reaper of the Lost
- NBA 2K25 Review: NBA 2K25 review: A small step forward but not a slam dunk
- W PREDICTION. W cryptocurrency
- Mastering Destiny 2: Tips for Speedy Grandmaster Challenges
- Rainbow Six Siege directory: Quick links to our tips & guides
- Overwatch Director wants to “fundamentally change” OW2 beyond new heroes and maps
- League of Legends: Saken’s Potential Move to LOUD Sparks Mixed Reactions
- SOLO PREDICTION. SOLO cryptocurrency
2024-05-18 11:46