Bitcoin and Ether Prices Soar to Records
Bitcoin nears $70,000, while ether eyes $5,000 as the rally extends into a fourth day, aided by a weaker dollar and upbeat investor sentiment
Ethereum and bitcoin both rallied for a fourth day on Tuesday to record highs, topping $4,800 and $68,500, respectively.
The coin’s momentum spilled over into Tuesday thanks to a lower dollar and an upcoming network upgrade.
Crypto fans including the Winklevoss twins and El Salvador’s Nayib Bukele, hit Twitter to cheer on the rally.
Ether and bitcoin rallied for a fourth day on Tuesday to record highs off the back of a weaker dollar, an upcoming upgrade and positive investor sentiment.
Ether was up 1.6% in 24 hours, having risen earlier to hit a high of $4,842.54 on Coinbase, while bitcoin was last up 3% after reaching a new peak of almost $68,600. Ether has climbed 9% over the last four days, while bitcoin has risen about 8%.
“Both digital Dutch tulips, bitcoin and ether, have hit record highs this morning as the street continues to buy on a positive technical picture (and) a lower dollar,” Jeffrey Halley senior analyst at OANDA, a research and trading firm, said in a note to clients Tuesday.
The dollar was largely down against major currencies like the Canadian dollar, Japanese yen, pound and euro. A weaker dollar can offer a boost to assets denominated in the US currency, such as crypto, gold or copper, for example.
Ethereum Keeps Hitting New Highs; Utility And Greener Mining Could Push It Higher
Whatever you may think about the cryptocurrency asset class, the rise has been nothing short of incredible. Thirteen years ago, Bitcoin was nothing but a notion in the head of Satoshi Nakamoto—whomever he, she or they are—who published a white paper. That work set the stage for Bitcoin and blockchain that is the essence of fintech, technology’s impact on finance.
In 2010, anyone could have bought a Bitcoin token for as little as five cents. At the over-$61,000 level at the end of last week, anyone who invested one dollar then is a millionaire now.
Aside from the financial gains, the growing acceptance of cryptocurrencies has gripped markets, regulators, and government officials. Cryptos reject government control of the money supply and return it to individuals. They are the ultimate libertarian means of exchange.
Many high-profile operators in the technology sector, including Jack Dorsey, CEO of both Square (NYSE:SQ) and Twitter (NYSE:TWTR), Tesla’s (NASDAQ:TSLA) Elon Musk, Meta Platforms’ (NASDAQ:FB) Mark Zuckerberg, and others, have embraced the burgeoning asset class.
What’s behind the latest cryptocurrency rally, as ethereum hits an all-time high
Bitcoin, Ether Hit Record Highs As Crypto Market Rallies
Bitcoin and ether both soared to new highs Tuesday morning, part of a wider surge in the cryptocurrency market as investors drive surges in most major tokens and push the overall crypto market above $3 trillion.
The gains come as part of a wider rally in the cryptocurrency market, which is now worth some $3.1 trillion, according to CoinGecko, the majority of which stems from bitcoin and ether.
Collectively, the two tokens are worth around 60% of the overall crypto market—bitcoin around 42% and ether around 18%—with market capitalization of around $1.3 trillion and $568 billion, respectively.
The next most-valuable token after ether, Binance Coin, has a market cap of around $109 billion, some 3.5% of overall market cap.
Besides bitcoin and ether, most major tokens have made impressive gains amid the wider market rally. E
xcluding stablecoins—which are pegged to more stable assets like the USD—seven of the top 10 digital coins by market cap have grown by double-digit percentages over the last week.
Solana is up by more than 21%
, according to CoinGecko, with Cardano and XRP up around 17% and 15%, respectively. Polkadot and popular meme currency dogecoin made more modest gains—5.5% and 3%—while memecoin Shiba Inu coin crashed more than 20%, the only top token to fall.
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Ethereum Price Prediction – A Range-Bound Morning Leaves $5,000 on the Table
For the Afternoon Ahead
Ethereum would need to avoid the $4,751 pivot to take another run at the first major resistance level at $4,886.
Plenty of support would be needed, however, for Ethereum to breakout from this morning’s ATH $4,842.54.
Barring an extended crypto rally through the afternoon, the first major resistance level at $4,886 and resistance at $5,000 would likely cap the upside.
The second major resistance level sits at $4,960.
In the event of another extended rally through the afternoon, Ethereum could test the third major resistance level at $5,168.
A fall through the $4,751 pivot would bring the first major support level at $4,677 into play.
Barring an extended sell-off through the afternoon, however, Ethereum should steer clear of sub-$4,500 levels.
The second major support level at $4,543 should limit the downside.
Looking beyond the support and resistance levels, we saw the 50 EMA pull away from the 100 and 200 EMAs this morning. We also saw the 100 EMA pull away from the 200 EMA, delivering further support.
Through the 2nd half of the day, a further widening of the 50 EMA from the 100 and 200 would bring $5,000 levels into play.
Key through the late morning and early afternoon, however, would be to move back through the morning ATH4,842.54.
The Trend is always our friend; cleaner and greener is even friendlier
The trend may be volatile and hair raising as the ascent continues, but it remains higher. The volatility is likely to continue too.
While proponents like Square’s Jack Dorsey believe cryptocurrencies will “unite the world,” opponents like Charlie Munger call them “disgusting and contrary to the interests of civilization.” Warren Buffett has called them “financial rat poison squared.”
Governments are not all that fond of the asset class either. While they state that regulators need to “protect the public,” addressing custody, security, and manipulation issues, the underlying motivation is preserving the status quo that allows for governmental control of the money supply.
Meanwhile, the cryptocurrency asset class keeps expanding by leaps and bounds. At the end of last week, the market cap of over 13,600 cryptos stood at the $2.683 trillion level. Ethereum’s market cap at around $530 billion was nearly 20% of the entire market, second only to Bitcoin with an over $1.15 trillion value.
Dow Jones Falls As Bitcoin Hits Record High; Palantir, PayPal Dive On Earnings
The Dow Jones Industrial Average fell 70 points early Tuesday, as Bitcoin advanced to all-time highs.
Key earnings movers included Palantir Technologies, PayPal and Roblox.
Among the Dow Jones leaders, Apple (AAPL) moved up 0.2% Tuesday, while Microsoft (MSFT) rose 0.4% in today’s stock market. American Express (AXP), JPMorgan Chase (JPM) and Nike (NKE) continue to trade near new buy points in the current rally.
Stocks on the move Tuesday include Advanced Micro Devices (AMD), Nvidia (NVDA), and Nucor (NUE). Tesla (TSLA) reversed lower Tuesday, threatening to extend Monday’s sharp losses.
Among companies reporting earnings, Palantir Technologies (PLTR) filed its statement ahead of Tuesday’s open. PayPal (PYPL) and Roblox (RBLX) reported earnings late Monday.
Among the top stocks to buy and watch, Academy Sports & Outdoors (ASO), Adobe (ADBE) and Li Auto (LI) are in or near buy zones.
Microsoft and Tesla are IBD Leaderboard stocks.
Academy Sports is an IBD SwingTrader stock. Apple featured in this week’s Stocks Near A Buy Zone story.
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