Bitcoin Approaches $55K; Ethereum Challenges $3,200; Top 10 Cryptocurrencies Show Strong Correlation
With stocks in Taiwan, the US, Japan, and Europe all reaching new highs, is it time for a bull market in the cryptocurrency market? Bitcoin surged suddenly from $51K to a high of $54,910 last night, while Ethereum also challenged $3,200. The top ten cryptocurrencies all saw good performance, with BNB breaking through the $400 mark and SOL, ADA, and AVAX all experiencing around a 5% increase.
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Bitcoin Approaches $55K, Reaching the Highest Level Since November 2021
MicroStrategy Buys More Bitcoin, Stock Price Surges to $800
Ethereum Approaches $3,200
Top Ten Cryptocurrency Price Changes
Bitcoin surged suddenly from $51K to a high of $54,910 yesterday evening, a nearly 6% increase within a day and the highest level since late November 2021.
MicroStrategy founder Michael Saylor announced yesterday that MicroStrategy has once again purchased 3,000 BTC at an average price of $51,813. MicroStrategy now holds 193,000 BTC with an average holding price of $31,544.
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MicroStrategy’s stock price surged over 15% yesterday, reaching a new high of $800 after hours, the highest since November 2021.
ETH surpassed $3,100 yesterday morning, with short-term moving averages showing a bullish pattern. It reached a high of $3,196 last night.
Next, there is a chance to challenge the right shoulder of the previous major head and shoulders pattern, around the $3,500 mark. This is also the first resistance level near the Fibonacci Retracement level of 3,427.
Yesterday, all top ten cryptocurrencies saw good performance following Bitcoin’s surge. BNB broke through the $400 mark, while SOL, ADA, and AVAX all experienced around a 5% increase.
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Further Reading
ETH Surpasses $3,100 with Dencun Upgrade and ETF Support, Outperforming Bitcoin in This Year
Yuga Labs Co-Founder Returns as CEO, Three Key Propositions Lead Bored Apes Back to Glory?
