NVIDIA Leads the Way as Bitcoin Surpasses $71K, Celebrating a Collective Surge in Cryptocurrencies
The Nasdaq, representing US technology stocks, hit a historic high yesterday, driven by optimism over the possible approval of an Ethereum spot ETF. ETH surged nearly 20% to $3,681, while BTC also rose over 7% to surpass $71,000. The top 10 cryptocurrencies celebrated with simultaneous gains.
The Nasdaq reached a new high as the artificial intelligence giant Nvidia, which will release its earnings on Thursday, saw a 2.5% increase. Nvidia has risen 90% year-to-date. The market’s optimistic expectations for Nvidia fueled the rise of US technology stocks, with the Philadelphia Semiconductor Index reaching its highest closing level since early March.
Bitcoin ETF saw two consecutive weeks of capital inflows totaling $1.3 billion, completely offsetting the outflows in April. Bitcoin rebounded from its early May low of $56,000 and surged past the $70,000 mark, reaching $71,082 at the time of writing. The trading model of 10x Research, based on the Bitcoin ETF (GBTC), showed a buying signal over the weekend, suggesting that Bitcoin may challenge its historical high of $73,777 in the near future.
Boosted by the optimistic sentiment surrounding the possible approval of an Ethereum spot ETF, ETH surged nearly 20% to surpass $3,600. It has strongly broken through the quarterly resistance line, and the next target is the mid-March high of $4,093. However, this surge in ETH is driven by market news, and with the deadline for the approval of the Ethereum spot ETF on May 23 approaching, there is a need to be cautious about potential selling pressure in case expectations are not met or a “sell the news” situation arises.
Yesterday, the top 10 cryptocurrencies celebrated with simultaneous gains, with ETH being the best performer.
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