Bitcoin hit $25 000 for the third time in four days before retreating closer to a stable price.
The largest Cryptocurrency by market capitalization was recently trading at around $24 400, which was almost unchanged from the last day before the weekend. Investors remain optimistic about recent economic indicators showing lower inflation and forecasts of an unlikely recession. Bitcoin has risen over the past three weeks, moving to the upper end of the $20 000 to $24 000 range.
“BTC’s resilience above $20 000 did see bulls pushing for more upside, especially after a successful retest of that range,” Joe DiPasquale, CEO of Crypto fund manager BitBull Capital, wrote CoinDesk. “However, we are yet to witness the breakout above $25 000, which could see BTC moving quickly toward the $29 000-$30 000 range.”
Bitcoin, the world’s largest Cryptocurrency by market capitalization, has fallen nearly 50% since the start of the year but is up 15% in the last month.
The broader Crypto market is underpinned by optimism about the upcoming Ethereum upgrade due to its merge.
The second-largest Cryptocurrency by market capitalization after Bitcoin has been growing at an even faster rate recently and topped $2 000 for the second straight day on Saturday before dropping 1.6%. The surge in Ethereum comes as the long-awaited merger approaches, transforming the Ethereum protocol from a Proof-of-Work model to a faster and less energy-intensive one. Ethereum completed its third and final testnet merger, Goerli, last Wednesday.
Most of the other altcoins were down at the end of the weekend with OP and QUICK dropping around 8% and 7% respectively, although popular meme coin SHIB was up over 30% and DOGE jumped over 10%.
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