Bitcoin surges after two weeks, Ethereum and other cryptocurrencies follow suit

Bitcoin – the world’s biggest and best-known cryptocurrency – is showing signs of revival after surging for the first time in two weeks. Monday saw bitcoin rising by 7.9% to $31,687.51, up $2,334.8 from its previous close. This is the biggest increase the digital currency has seen since May 15th.

Markets are long overdue for a relief rally,” said Hayden Hughes, co-founder and CEO of crypto copy-trading platform Alpha Impact. “Bitcoin just went through eight consecutive weeks in red territory and got technically oversold to levels we traditionally only see at the bottom of bear markets.”

Ether, the token linked to the Ethereum blockchain network, as well as smaller coins like Avalanche, also rose. Ether increased 9.8% to $1,989.38 on Monday, up $177.54 from its previous close, while Avalanche and Solana, were up by 12% and 7%, respectively. In a similar manner, stocks also rose in Europe and Asia following China’s announcement that Beijing and Shanghai will lift lockdown measures in low-risk areas.

The correlation between Bitcoin and stocks was disrupted last week when, whilst the S&P 500 Index recorded its largest gain for the week since November 2020, Bitcoin, on the other hand, fell for the eighth consecutive week. Chief Investment Officer at crypto fund LedgerPrime, Shiliang Tang, expects “this gap to close a bit in the short term with crypto catching up”; however, according to Joel Kruger, a strategist at crypto exchange LMAX Digital, due to the fact that the price rally is “happening in very thin trading conditions over a weekend and into a US holidayprice action needs to be taken with a grain of salt.

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances or needs.

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