Bitcoin, Ethereum push crypto market value above $1 trillion again
Both leading crypto assets, Bitcoin (BTC) and Ether (ETH), continued to make impressive gains. BTC had weekly gains of nearly 9%, although hardly rising in the last hour, while ETH increased by 13%, albeit both cryptocurrencies are still down by more than 50% for the year.
News broke at this point that MicroStrategy planned to sell some of its stocks in order to raise an additional $500 million for Bitcoin acquisitions. The asset reacted by going up in price once more, reaching a two-week high of slightly over $21,6K.
The bitcoin market dominance indicator shows that the altcoins outpaced BTC up until two days ago, but most are now more stable.
In just a few days, Ethereum surged from a multi-week low below $1,500 to almost $1,700. The second-largest cryptocurrency is up another 1% today, maybe due to excitement about the impending Merge.
Following recent advances from BTC, ETH, and many other cryptocurrencies, the market value of all cryptocurrencies has recovered the coveted $1 trillion level.
The U.S. central bank is expected to switch from monetary tightening to monetary easing in 2023, which will result in lower interest rates, according to signs.
The Federal Reserve’s “dot plot” shows that the institution now plans to increase rates to above 3.5% in 2023 and delay a decline below 3% until beyond 2024. The Fed’s projections for future interest rate levels are shown as a dot plot.
The bulls suffered greatly at the beginning of the month when bitcoin dropped below the desired $20,000 level and was unable to retrieve it. A few days ago, the cryptocurrency abruptly crashed to a six-week low of $18,500, making things worse.
However, it responded well and almost immediately jumped beyond $19,000. More gains were made on Friday when BTC surpassed $20K.
