Bitcoin’s most recent run continued in the past 24 hours as the asset’s price climbed to its highest price in over a month at just over $67,400 yesterday.

Ethereum has also joined the party at last, having surged past the coveted resistance line of $3,000 and jumping above $3,100.

BTC Sees 5-Week Peak

Bitcoin suffered a lot at the start of May as it dumped to a multi-month low of under $57,000. It began to recover some ground in the following week when it soared past $65,000 on May 6 but quickly reversed its trajectory and saw its price dropping to under $61,000 on May 10.

The bulls intercepted the move at this point and didn’t allow any further declines. Just the opposite, BTC maintained its ground last weekend and started climbing on Monday to just over $63,000. Another brief correction came on Tuesday to $61,200, but the lowering inflation rates in the US, which were announced on Wednesday, sent the cryptocurrency flying.

In a matter of hours, BTC skyrocketed by several grand and jumped past $66,000. Although there was another brief retracement, the growing Bitcoin ETF inflows meant more price gains for the underlying asset, which charted a 5-week high of over $67,400 yesterday.

Despite losing some ground since then, BTC still trades around $67,000 now. Its market cap has increased to $1.320 trillion on CG, but its dominance over the alts is slightly down to 51.6%.

Bitcoin/Price/Chart 18.05.2024. Source: TradingView
Bitcoin/Price/Chart 18.05.2024. Source: TradingView

ETH Goes Beyond $3.1K

The second-largest cryptocurrency was among those who trailed behind in terms of gains, as reported earlier and was losing ground to BTC. This was because ETH couldn’t reclaim decisively $3,000 despite several challenges in the past few weeks.

However, that resistance level finally gave in yesterday, which allowed Ether to shoot up above $3,100 for the first time in over a week.

Most other larger-cap alts are also in the green, with gains of around 1-2%. In contrast, Toncoin has retraced by more than 3%, and so has HEAR, which is down by 4%.

The total crypto market cap has added around $20 billion overnight and is now at $2.560 trillion on CG.

Cryptocurrency Market Overview. Source: QuantifyCrypto
Cryptocurrency Market Overview. Source: QuantifyCrypto