The price of Bitcoin and Ethereum soared on Sunday breaking through recent price resistance as the entire crypto market rallied. Bitcoin is up more than 5% in 24 hours to $47,020 at the time of writing, and Ethereum is up 5% to $3,292, according to CoinMarketCap.
Bitcoin is now up 14% in the last week, Ethereum 15%.
Other major coins also rose: Polkadot (DOT) up 7% in 24 hours, Dogecoin (DOGE) up 6%, Solana (SOL) up 5%, Avalanche (AVAX) up 4%, XRP up 3% . %, and Cardano (ADA) is up 3%.
It was not immediately clear what caused the rally, but it is likely to be a combination of many factors that have been brewing in the short and long term, including cryptocurrency news and broader market trends.
For example, the S&P 500 is up for a week straight and Bitcoin's correlation with stocks is in a maximum of 17 months. What's more, make kwon, creator of the Terra (LUNA) protocol, said on Twitter Spaces that it plans to buy billions of dollars worth of Bitcoin and hold it in a reserve to support the TerraUSD (UST) stablecoin. of the Moon Foundation official The Bitcoin wallet address is currently maintained $1.1 billionand Kwon plans to rack up $10 billion BTC value.
Bitcoin balances on exchanges are also at their lowest level in more than three years. according to Glassnodeindicating increased demand and an interest in moving Bitcoin off exchanges through cold storage methods such as hardware wallets.
In other news, El Salvador has continued its push towards mass adoption of Bitcoin with its "volcano bonds" which, although delayed, are still being planned for the country. salvadoran president Nayib B Clock he told his 3.6 million Twitter followers last week to invest in the volcano bonds to "make the world a little harder to police."
And let's not forget the Ukrainian officer cryptocurrency legalization and continued acceptance of donations (over $100 million to date) in the form of Bitcoin, Ethereum, Polkadot, and Dogecoin.
Or if you ask the co-founder of Dogecoin billy marcos"The answer is always manipulation."
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