WEEKLY ANALYSIS - Bitcoin and Ethereum Break Key Price Levels in Latest Market Rally
Altcoins also see significant gains as market sentiment turns bullish.
In the past week, Bitcoin finally surpassed $30,000 and Ethereum broke $2,000 after the successful Shapella update and the release of better-than-expected US inflation data. This caused a slight euphoria in the market with rising prices for almost all coins and a return to a bullish sentiment.
Bitcoin’s price increase was close to 5% in the past 7 days and analysts predict a slowdown in aggressive FED rate hikes. Currently, Bitcoin is trading at $29,496.06 with a 24-hour volume of $16,644,614,391 and a market cap of $570,711,565,240.
After the successful Shanghai update, which allowed for the unlocking of staked ETH, Ethereum exceeded $2100. The second largest cryptocurrency by market cap saw a nearly 12% increase in the past 7 days and is currently trading at $2,076.84 with a 24-hour volume of $9,894,080,819 and a market cap of $248,046,894,567.
Almost all altcoins have risen in the past week with notable increases from INJ (+63%), BabyDoge (+48.8%), Radix (+41%), and Arbitrum (+40%) after news from Governance reported funds being withdrawn back to the Treasury.
The Global Market Cap has grown slightly to around 1.26 trillion dollars with Bitcoin dominance at 44.2% and Ethereum at 18.9%.