Major coins traded green on Sunday, boosted by renewed investor confidence that the Federal Reserve is successfully managing inflation without pushing the economy into recession.
| Cryptocurrency | Earnings (% in 24 hours) | Price (recorded at 8:32 p.m. EST) |
|---|---|---|
| Bitcoin | +2% | $21,118.80 |
| Ethereum | +2.7% | $1,564.75 |
| Dogecoin | +2.4 | $0.08 |
What happened: Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptos continue to rise in weekend trading, recorded as of 8:32 p.m. EST.
| Top winners (24 hours) | Earnings | Price |
|---|---|---|
| Frax Sharing | +26.1% | $8.45 |
| Decentralized | +20.2% | $0.70 |
| Forehead | +19.6% | $0.74 |
Bitcoin has had a remarkable run this year, trading at $21,118 – a staggering 25% rise over the year, largely due to its meteoric rise since last Tuesday, when it was just above the $17,400 mark. Ether followed a similar pattern to Bitcoin over the weekend, hitting a two-month high of $1,550 before falling slightly. ETH was trading at $1,564 at the time of writing.
cryptocurrency meme Dogecoin DOGE/USD was trading at $0.08, struggling to reach $0.10, up 2.38% in the past 24 hours.
U.S. stock markets will be closed on Monday for Martin Luther King Jr. Day, a holiday honoring the late civil rights activist. Prior to Friday’s close of trading, the major indexes edged higher. Indices with a strong technological component such as the Nasdaq and S&P500which has a strong technology component, recorded gains of more than 5% and 4%, respectively.
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“Unless we hear a strong hawkish reaction from the Fed or if commodity prices rise, crypto traders should not be surprised if Bitcoin is able to extend its recent gains. The $18,500 level was a critical resistance for Bitcoin and if it can stay above this level for the next few sessions, it could wake up dormant long-term bulls,” said Edouard Moyasenior market analyst at OANDAin a note seen by Gasoline friday.
Crypto analyst Michael van de Poppe patiently waits for BTC to reach $21,299 before falling to $20,586. In a recent chart, Poppe tweeted that the trend for the coming months is still up as altcoins gather more volume to trade. He commented that when another short squeeze happens, it will be time for the longs to be punished.
Despite naysayers, crypto analyst ‘Kaleo’ remains firm in its prediction that ETH will reach the $2500 level.
Read more : Crypto Analyst Issues Bitcoin and Ethereum Warning After BTC Explodes Above $20,000: “There Is a Problem for the Bulls”