The price of Bitcoin, Ethereum and other crypto currencies soared on Sunday. This pushed past recent resistance levels as the whole market jumped higher. CoinMarketCap shows that Bitcoin has increased more than 5% over 24 hours to $47.020. Ethereum is up about 5% to $3.292, according CoinMarketCap.
Bitcoin is currently up 14% and Ethereum up 15% over the past week.
Other top coins rose too: Polkadot(DOT) was up 7% within 24 hours, Dogecoin(DOGE) was up 6%, Solana [SOL] is up 5%. Avalanche,AVAX, XRP, and Cardano were up 3%.
It was not immediately clear what caused the rebound, but it’s likely a combination of many factors that have been gestating over the short and long term, including crypto news and broader market trends.
For example, the S&P 500 has risen for a week straight, and Bitcoin’s correlation with stocks is At a 17-month high. Additionally, Do KwonIn a Twitter Spaces, Luca, the creator of protocol Terra (LUNA), stated that he plans on buying billions in Bitcoin and keeping it in a reserve in order to back the stablecoin TerraUSD. (UST). Luna Foundation’s officialBitcoin wallet address currently holds more than $1.1 BillionKwon plans on accumulating up to $10 billionBTC has a value.
Bitcoin balances on exchanges have also fallen to their lowest point in over three decades according to GlassnodeThis indicates increased demand and interest in moving Bitcoin from exchanges via cold storage methods such as Hardware wallets.
In other news, El Salvador has continued its push toward Bitcoin mass adoption with its “volcano bonds” which, while delayed, are still being planned for the country. El Salvador’s President Nayib Bukele told his 3.6 million Twitter followers last week to invest in the volcano bonds to “make the world that bit harder to police.”
And let’s not forget Ukraine’s official Legalization of cryptocurrencyContinued Acceptance of donations(More than $100 million) in the form Bitcoin, Ethereum and Polkadot.
Ask Dogecoin founders. Billy Markus, “The answer is always manipulation.”