Major coins traded in the green on Monday evening, signaling a surge in investor optimism.
| Cryptocurrency | Gains (+/-) | Price (Recorded 10 p.m. EST) |
| Bitcoin BTC/USD | +7.01% | $30,283 |
| Ethereum ETH/USD | +4.14% | $1,932 |
| Dogecoin DOGE/USD | +2.52% | $0.084 |
What Happened: Bitcoin BTC/USD, the world’s largest cryptocurrency by market capitalization has now surged past $30,000 This marks the highest level seen since early June, reflecting a broader rally in cryptocurrencies that began at the start of the year.
| Cryptocurrency | Gains (+/-) | Price (Recorded 10 p.m. EST) |
| Render | +18.56% | $1.54 |
| Conflux | +17.81% | $0.43 |
| Injective | +12.53% | $6.31 |
A growing number of bank runs have raised concerns about the reliability of centralized banking options, causing a surge of interest in cryptocurrencies. Since the beginning of 2023 alone, Bitcoin has gained 79%, with Ethereum ETH/USD following close behind with a growth of 59%.
At the time of writing, the global crypto market capitalization stood at $1.23 trillion, an increase of 3.85% over the last day.
Despite minor fluctuations, U.S. stocks ended the day relatively stable, with the S&P 500 seeing modest gains of 0.10%, while the Nasdaq Composite experienced a slight dip of 0.03%.
Meanwhile, investors in the crypto sector had reason to celebrate as leading companies, including Coinbase COIN and MicroStrategy MSTR, experienced significant increases of over 7.5%.This upcoming week, markets will be closely watching for the March Consumer Price Index report, eager for any indications of inflation continuing its recent downward trend.
See More: Best Crypto Day Trading Strategies
News Highlights: Investors are closely monitoring Ethereum’s upcoming Shanghai upgrade, which is expected to take place on April 12. This event is being seen as potentially bearish for crypto markets since it will allow users to unlock staked ether and sell it in the open market.
Analyst Notes: Edward Moya, senior market analyst at OANDA said, "Despite broad weakness across most risky assets, Bitcoin continues to hover above the $28,000 level. It seems Bitcoin Hodlers remain unfazed that the Fed will likely deliver one more rate hike and that the US economy is headed towards a recession this year. It seems many traders are convinced the dollar's days are numbered as it will slowly lose some of that preferred reserve currency status and that crypto will be one of the beneficiaries.”
“It is somewhat impressive that Bitcoin is slightly higher on a day that has stocks, oil, gold, and high-beta currencies all down around a half a percentage point. Bitcoin's ceiling remains at the $30,000 level and how it behaves once it trades north of it will determine if the next major bull phase is upon us,” he added.
Data analytics platform Santiment, has identified a potential catalyst for the recent Bitcoin price pump. While there is no guarantee as to what caused the jump in price, Santiment has highlighted a group of 11 Bitcoin transactions that occurred today, with all transactions identical in size at 2,000 BTC, and all going to brand new addresses. These 11 massive Bitcoin transactions are believed to be a significant contributor to the recent rise to the celebratory level of $30k.
Read Next: Jim Cramer Advises Against Using Binance, Provokes Strong Reactions From Twitter Users
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