Bitcoin and Ethereum price surged on Sunday, breaking recent price resistance as the overall crypto market pumped higher. Bitcoin is up more than 5% to $47,020 in 24 hours, according to CoinMarketCap, and Ethereum is up 5% to $3,292.
Bitcoin is up 14% over the past week, Ethereum is up 15%.
Other top coins are also up: Polkadot (DOT) is up 7% in 24 hours, Dogecoin (DOGE) is up 6%, Solana (SOL) is up 5%, Avalanche (AVAX) is up 4% , XRP is up 3% and Cardano (ADA) is up 3%.
It wasn’t immediately clear what caused the rebound, but it’s likely a combination of many factors unfolding in the short and long term, including crypto news and broader market trends.
For example, the S&P 500 is up for a straight week, and Bitcoin’s correlation with stocks is at a 17-month high. Additionally, Do Kwon, creator of the Terra (LUNA) protocol, said in a Twitter Spaces that he plans to buy billions of dollars in Bitcoin and hold it in reserve to support the TerraUSD (UST) stablecoin. The Luna Foundation’s official bitcoin wallet address is currently over $1.1 billion, and Kwon plans to accumulate up to $1.1 billion 10 billion dollars value of BTC.
Bitcoin balances on exchanges are also at their lowest in more than three years according to Glassnodesignaling increased demand and an interest in removing Bitcoin from exchanges via cold storage methods such as hardware wallets.
Bitcoin reserves on cryptocurrency exchanges are consistently low. Source: CryptoQuant.
In other news, El Salvador has continued its push towards mass Bitcoin adoption with its “volcano bonds,” delayed but still planned for the country. President of El Salvador Nayib Bukele told his 3.6 million Twitter followers last week to invest in the Vulcan bonds to “make the world a little bit harder for the police”.
And let’s not forget Ukraine’s official cryptocurrency legalization and continued acceptance of donations (more than $100 million to date) in the form of Bitcoin, Ethereum, Polkadot, and Dogecoin.
Or if you ask the co-founder of Dogecoin Bill Markus“The answer is always manipulation.”
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