Over the past 24 hours, there has been a remarkable surge in the value of Bitcoin, reaching its highest point in over a month at just over US$67,400. Not to be outdone, Ethereum also experienced a breakthrough, surpassing the $3,000 resistance and rising above $3,100, making a significant impact on the market.
Bitcoin faced a significant drop in early May, falling below $57,000. However, it began to regain momentum the following week, surpassing $65,000 on May 6. There was a brief setback as it fell below $61,000 on May 10, but the situation was quickly rectified by the bulls, preventing further declines and maintaining price stability over the weekend.
The turning point came on Monday, with Bitcoin surging past $63,000. Although there was a slight correction on Tuesday, dropping to $61,200, the release of reduced inflation rates in the US on Wednesday provided a boost to the digital currency. Within hours, Bitcoin skyrocketed, surpassing $66,000. Further surges, fueled by an increased inflow into Bitcoin ETFs, propelled the price to a five-week high, surpassing $67,400.
Currently, Bitcoin is maintaining a value of around US$67,000, with a market capitalization of $1.32 trillion. However, its dominance over other cryptocurrencies has slightly decreased to 51.6%.
Meanwhile, Ethereum has successfully overcome the challenge of reclaiming the $3,000 level, which proved to be difficult in recent weeks. Breaking through this resistance allowed Ethereum to climb above $3,100, reaching a milestone that hadn’t been achieved in over a week. This rise comes at an opportune time, reflecting the gradual recovery of the market.
Disclaimer:
The views and opinions expressed in this article, from both the author and anyone mentioned, are solely for informational purposes and should not be considered as financial or investment advice. Investing or trading cryptocurrencies carries a risk of financial loss.
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