Major currencies traded green on Sunday, bolstered by renewed investor confidence that the Federal Reserve is successfully managing inflation without pushing the economy into recession.
|Cryptocurrency||Profits (% in 24 hours)||Price (recorded at 8:32 PM EST)|
What Happened: Bitcoin BTC/USD, Ethereum ETH/USD and other major cryptos continue to surge in weekend trading, recorded at 8:32 PM EST.
|Top Gainers (24 hours)||profits||Price|
Bitcoin has had a remarkable run this year, trading at $21,118 – up a whopping 25% over the year, mainly due to its rapid rise since last Tuesday when it was just above $17,400. Ether followed a similar pattern to Bitcoin this weekend, rising to 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 traded at $0.08 and struggled to reach $0.10, up 2.38% in the past 24 hours.
US stock markets are closed Monday in honor of Martin Luther King Jr. Day, a holiday in honor of the late respected civil rights activist. Before trading closed on Friday, major indices were up slightly. Technology indices such as the Nasdaq and S&P 500with a strong technology component, posted gains of more than 5% and 4% respectively.
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“Unless we hear a strong attack from the Fed or commodity prices rise, crypto traders should not be surprised if Bitcoin is able to extend its recent gains. The $18,500 level has been critical resistance for Bitcoin and if it can stay above that level for the next few sessions, that could “wake up some long-term dormant bulls,” he said. Edward Moyasenior market analyst OANDAin a note seen by To gasoline on Friday.
Crypto Analyst Michael van de Poppe wait patiently for BTC to reach $21,299 before falling to $20,586. In a recent chart, Poppe tweeted that the trend is still up for months to come, with altcoins accumulating more volume to be traded. He noted that when another short squeeze happens, it’s time for the longs to be punished.
Despite the naysayers, crypto analyst ‘Kaleo’ remains steadfast in its prediction that ETH will reach the USD 2500 level.
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