After Bitcoin’s price jump, it is now the turn for Ether’s price to go through an uptrend, and the token has seen its highest price point in two months.
Bitcoin’s price jump has already started trending in the crypto space, with BTC successfully holding $69,000 in the last 24 hours. At the same time, Ether’s price analysis has also yielded encouraging results. ETH is trading above $3,700 as of May 22, which is its highest trading level in the last two months. Coupled with the price rally of Bitcoin, this factor could become an added bonus for the crypto market.
Meanwhile, stiff resistance has emerged for Bitcoin at $70,000. Bears have been unable to pull BTC below its support, which is a good sign. This week, bulls may be fighting out with bears to gain control of Bitcoin’s price. As long as BTC doesn’t see a steep decline, its price will become the factor for the crypto market’s growth.
Moreover, data for spot ETF inflows also indicate a sudden jump recently. BlackRock’s iShares Bitcoin Trust (IBIT) has especially seen the highest jump in inflows over the last two days. This trend may again be a sign of exponential ETF inflows in the near future.
Until May 22, Ether’s price has seen over 27% returns, which is a complete turnaround from its stagnant phase since April.
BTC/USD 1D price chart
Bitcoin is currently trading at around $69,700 on May 22, 2024, with BTC/USD trading lower by a margin of 0.71% in the last 24 hours. Bitcoin’s market cap was trading at around $ 1.38 trillion in the last 24 hours.
BTC/USD is trading higher than its 20-day EMA (63,688.50), as BTC’s 24-hour volume was at around $36.8 billion. The global crypto market cap decreased by around 0.38%, trading above $2.6 trillion. BTC’s year-to-date returns are at 66.63%.
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