Bitcoin, Ether Reach Highest Since May After Weekend Rally

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Created by TradeOr

3rd Party Analysis 09 Aug 2021

Key Takeaways

  • Bitcoin and Ether jump to two-month highs as market mood shifts to strongly positive
  • The leading token advanced 6.5% over the weekend, ether soared nearly 10%

Bitcoin, Ether Reach Highest Since May

Bitcoin, ether, and the entire cryptocurrency market received a strong dose of optimism over the weekend. In the span of two days, the charged rally pushed bitcoin’s price up roughly 6.5%, while ether surged 9.5%, Saturday through Sunday.

Although both bitcoin and ether slid from their session highs, and ended Sunday in the red, the peak of $45,300 for bitcoin was last seen on May 18, while ether’s high of $3,200 was unseen since May 19.

The two-month high for the leading digital assets was reached after both coins pushed to the upside for a fifth straight day. A positive sentiment that has swept across the markets has been lifting major coins for over two weeks.

Prior to mid-July, the crypto industry was largely pressured by elevated regulatory concerns, negative environmental impact and general lack of enthusiasm. Since July 21, however, the tone has shifted and market participants have increased their bets the crypto market could recover its losses.

Strong Signs of Recovery

While bitcoin remains about 48% away from its peak, the recent pullback is showing strong signs of recovery. In less than three weeks, bitcoin’s price has gained almost 50% to current market price of $43,700 per token.

Ether’s recovery has been even more impressive. The Ethereum token has surged 70% in 19 days, boosted by the London hard fork that reduces the pace of growth in the coins and performs a coin burn, a mechanism designed to remove from circulation part of the transaction fees paid in ether on the Ethereum blockchain.

As bitcoin’s market cap now hovers around $850bn, and ether’s value soared to $350bn, the entire cryptocurrency market is worth around $1.8tn. The recent rise marked a 50% increase, as the whole market, comprising of over 11,000 tokens, jumped from $1.2tn near the end of July to current valuation levels.

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