In the past 24 hours, Bitcoin has continued its recent upward trend, reaching its highest price in over a month at just over $67,400. Ethereum has also joined the rally, breaking through the significant resistance level of $3,000 and surging above $3,100.
Bitcoin faced significant challenges at the beginning of May, dropping to a multi-month low of under $57,000. It began recovering in the following week, briefly surpassing $65,000 on May 6 but then dipping below $61,000 on May 10.
However, bullish momentum took over, preventing further declines. BTC held steady over the weekend and started climbing again on Monday, reaching just over $63,000. A minor correction occurred on Tuesday to $61,200, but the announcement of lower inflation rates in the US on Wednesday propelled Bitcoin’s price upwards.
In a matter of hours, BTC surged by several thousand dollars, surpassing $66,000. Despite a brief pullback, increased inflows into Bitcoin ETFs drove further gains, pushing the cryptocurrency to a 5-week high of over $67,400.
Although it has since lost some ground, BTC is still trading around $67,000, with its market capitalization rising to $1.320 trillion on CoinGecko. However, its dominance over altcoins has slightly decreased to 51.6%.
Ethereum, the second-largest cryptocurrency, lagged behind in terms of gains, struggling to decisively reclaim the $3,000 level despite several attempts in recent weeks. However, yesterday, it finally broke through this resistance, allowing Ether to surge above $3,100 for the first time in over a week.
Most other large-cap altcoins are also experiencing gains of around 1-2%. However, Toncoin has retraced by more than 3%, and HEAR is down by 4%.
May 2024, Cryptoniteuae
