Ethereum
Bitcoin (BTC) Price Hits $67K, Ethereum (ETH) Climbs Above $3.1K (Weekend Watch)
Bitcoin’s most recent trend continued over the past 24 hours as the asset’s price climbed yesterday to its highest price in over a month at just over $67,400 .
Ethereum has also finally joined the party, after breaking above the coveted $3,000 resistance line and surpassing $3,100.
BTC sees 5-week peak
Bitcoin suffered greatly in early May, falling to a multi-month low below $57,000. It began to regain ground the following week when it surpassed $65,000 on May 6, but quickly reversed course and saw its price drop to below $61,000 by May 10.
The bulls intercepted the move at this point and did not allow further declines. On the contrary, BTC maintained its position last weekend and began to climb on Monday reaching just over $63,000. Another brief correction occurred on Tuesday to $61,200, but the lower inflation rates in the United States, which was announced on Wednesday, made the cryptocurrency fly.
In a matter of hours, BTC climbed several thousand dollars and exceeded $66,000. Although there was another brief retracement, the growing inflows of Bitcoin ETFs supposed more prize winnings for the underlying asset, which reached a 5-week high of over $67,400 yesterday.
Despite losing some ground since then, BTC is still trading around $67,000. Its market cap has increased to $1.32 trillion on CG, but its dominance on alts is down slightly to 51.6%.
Bitcoin/Price/Chart 05/18/2024. Source: TradingView
ETH Goes Beyond $3.1K
The second largest cryptocurrency was among those that lagged behind in terms of gains, like reported earlier and was losing ground against BTC. Indeed, despite several challenges over the past few weeks, ETH was unable to decisively reclaim $3,000.
However, this resistance level finally gave way yesterday, allowing Ether to rise above $3,100 for the first time in over a week.
Most other larger-cap alternatives are also in the green, with gains of around 1-2%. On the other hand, Toncoin fell more than 3%, as did HEAR, down 4%.
The total crypto market cap added around $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 by TradingView.