🚀 Bitcoin Targets $119K While Ethereum Hits 5-Month High: Crypto Bulls Take Charge
Crypto markets roar back as Bitcoin eyes a staggering $119K and Ethereum surges to levels not seen since February. Here's why traders are flipping bullish.
The Bitcoin moonshot: Whales accumulate, institutions FOMO, and suddenly six figures doesn't seem so crazy anymore. Meanwhile, Wall Street still can't decide if crypto is 'digital gold' or 'a speculative bubble'—classic hedge fund whiplash.
Ethereum wakes up: The smart contract giant finally shakes off its sideways slump, with DeFi and NFT volumes ticking up. Vitalik probably just smirked and went back to coding.
One cynical truth? The same suits calling crypto 'dead' last quarter are now quietly rebalancing their portfolios. Funny how price action changes minds.
BTC Eyes $119K
The primary cryptocurrency’s historic ascent began last Wednesday. At the time, it was confined in a tight range with an upper boundary of $110,000, which managed to contain the asset during a few breakout attempts.
However, the bulls took charge on Wednesday evening and pushed through it to a new all-time high of $112,000. The gains continued in the following 48 hours, and BTC topped at almost $119,000. Following a relatively quiet weekend, Bitcoin jumped further on Monday and registered its latest ATH of just over $123,000.
After skyrocketing by $15,000 in five days, the asset was due for a cool-off, which took place yesterday. Amid billions of realized profits, shaky US CPI data, and some uncertainty in the global political scene, bitcoin slipped by several grand and dipped below $116,000.
It has reacted well following this decline and has recovered almost $3,000. It now sits close to $119,000, with a market capitalization of $2.360 trillion. Its dominance over the alts, though, has taken a hit and is down to 61.7% as many altcoins have produced bigger gains.
ETH Leads the Alts’ Rally
As mentioned above, many altcoins have outperformed BTC on a daily scale. ethereum is among the leaders, as it has pumped by more than 6% and now sits at over $3,150 for the first time in over five months. LINK, SHIB, TON, PEPE, AAVE, and TAO have marked similar gains.
XRP has neared the crucial resistance at $3 after a 3.5% daily jump, while BNB has closed the gap to $700. SOL, DOGE, ADA, XLM, and sui are also in the green, albeit in a more modest manner.
The total crypto market cap has recovered roughly $100 billion since yesterday’s low and is up to $3.830 trillion on CG.
