In the past 24 hours, the cryptocurrency market has witnessed a remarkable surge in Bitcoin, reaching its highest value in over a month, surpassing the impressive mark of just over $67,400. Ethereum, not to be outdone, broke through the $3,000 resistance, rising above $3,100, making its presence felt in a significant event in the market.
Bitcoin, which faced a sharp decline in early May, dropping to less than $57,000, began to regain ground in the following week. The cryptocurrency surpassed $65,000 on May 6th but faced a quick reversal, falling below $61,000 on May 10th. However, the bulls took control of the situation, preventing further drops and keeping the price stable during the subsequent weekend.
The turnaround came on Monday, with Bitcoin rising above $63,000. Despite a brief correction on Tuesday, where it fell to $61,200, the release of reduced inflation rates in the US on Wednesday boosted the digital currency. Within a few hours, Bitcoin soared, surpassing $66,000. Subsequent increases, fueled by a growing influx into Bitcoin ETFs, pushed the price to a five-week high, surpassing $67,400.
Currently, Bitcoin still hovers around $67,000, with its market value reaching $1.32 trillion, although its dominance over other cryptocurrencies has slightly decreased to 51.6%.
Meanwhile, Ethereum has finally overcome the challenge of reclaiming the $3,000 level, a resistance that proved difficult in recent weeks. Breaking through this barrier allowed Ethereum to climb above $3,100, a milestone reached for the first time in over a week. This ascent came at an opportune time, reflecting the gradual recovery of the market.
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