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Crypto rallies as bitcoin nears 70K and ethereum jumps 18%

The total crypto market value rose to $2.37T, led by bitcoin’s 9% surge in the US session and ethereum’s 18% 24 hour peak.

Reported · Written up by our desk · Market Structure

Cryptocurrency markets jumped nearly 8% in 24 hours to about $2.37T, lifting the sector to its highest level since early June, according to Action Forex. The initial momentum was attributed to news that the US Treasury was supporting the debt market, which helped spur demand for risk assets.

Bitcoin climbed to around $70,000, posting a 9% rally over about eight hours during the US trading session, before slipping slightly to $69.6K as the new day began. The article also notes BTC consolidated above its 50 day moving average on Monday and tested its 200 day moving average by Wednesday, signaling a reversal from weeks of very tight trading ranges.

Ethereum logged an 18% gain at its peak over 24 hours, reaching about $2.25K, and traded near its April to May highs. It said the move came after ETH broke above its 200 day moving average and moved away from a long term support line that has risen from roughly $1.75K to $1.9K over the past eight months.

The rally was further linked to short covering after prolonged narrow price action, and it highlighted a shift in whale activity. CryptoQuant data cited by Action Forex said large holders bought about 43,000 BTC over the past 60 days, worth roughly $2.75 billion, while spot demand recovery signals were also described, alongside improved expectations for Fed rates and still accommodative financial conditions.

Latest closeBitcoin $71,588.95 ▲3.4%|Ethereum $2,280.35 ▲1.3%

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