Major currencies traded in the green on Sunday, fueling renewed investor confidence that the Federal Reserve is successfully managing inflation without pushing the economy into recession.
| Cryptocurrency | Profit (% in 24 hours) | Price (Registered at 8:32 PM 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 at 8:32 PM EST.
| Top Winners (24 hours) | Profits | Price: |
|---|---|---|
| Frax Share: | +26.1% | $8.45 |
| Decentraland: | +20.2% | $0.70 |
| Cello | +19.6% | $0.74 |
Bitcoin: has seen a remarkable jump this year, trading at $21,118, up a staggering 25% year-to-date, 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 this weekend, reaching a two-month high of $1,550 before falling slightly. ETH was trading at $1,564 at the time of writing.
Meme cryptocurrency Dogecoin: DOGE / USD was trading at $0.08, struggling to reach $0.10, up 2.38% in the last 24 hours.
US stock markets will be closed on Monday for Martin Luther King Jr. Day, a holiday honoring the late respected civil rights activist. By the close of trade on Friday, the major indexes had advanced slightly. Technology-heavy metrics such as: Nasdaq: and: S&P 500:which has a strong technology component, posted gains of over 5% and 4% respectively.
See more: Best Crypto Day Trading Strategies
“Unless we hear some strong hawkish response from the Fed or if commodity prices rise, crypto traders should not be surprised if Bitcoin can extend its recent gains. The $18,500 level was an important resistance for Bitcoin, and if it can hold above that level for the next few sessions, it could wake up some dormant long-term bulls. Edward MoyaSenior Market Analyst at: OANDAseen in the post Benzinga on Friday.
Crypto analyst Michael van de Popp he is patiently waiting for BTC to reach $21,299 before dropping to $20,586. In the latest chart, Popp tweeted that the trend for the coming months is still bullish, with altcoins gathering more volume to trade. He commented that when a further short squeeze occurs, it is time for the longs to be punished.
Despite the naysayers, a cryptanalyst Kaleo firm in his prediction that ETH will reach the $2500 level.
Read Next: Crypto Analyst Issues Bitcoin and Ethereum Warning After BTC Explodes Over $20K “There’s a Problem for the Bulls”
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