Bitcoin's recent rally continued over the past 24 hours, with the asset's price rising to a one-month high of just over $67,400 yesterday.
Ethereum has finally joined the party, surging past the coveted resistance line of $3,000 and surpassing $3,100.
BTC hits 5-week peak
Bitcoin suffered a major decline in early May, dropping to a multi-month low below $57,000. The following week, the stock soared above $65,000 on May 6th, but quickly reversed course and fell to below $61,000 on May 10th.
The bulls blocked this move at this point and did not allow further decline. Quite the contrary, BTC held its ground over the weekend and started climbing to just over $63,000 on Monday. There was another temporary correction on Tuesday to $61,200, but the cryptocurrency soared on Wednesday's announcement of a drop in US inflation.
Within hours, BTC soared several grand to over $66,000. Despite another brief retracement, increased inflows into Bitcoin ETFs mean higher prices for the underlying asset, which hit a five-week high of over $67,400 yesterday.
Despite losing some ground since then, BTC is still trading at around $67,000. CG's market capitalization increased to $1.32 trillion, but its control over alternatives decreased slightly to 51.6%.
ETH exceeds $3.1 million
The second-largest cryptocurrency was one of the cryptocurrencies that was trailing and losing out to BTC in terms of profits, as previously reported. This is because ETH was unable to decisively regain $3,000 despite some challenges over the past few weeks.
However, that resistance level finally succumbed yesterday, allowing Ether to soar above $3,100 for the first time in over a week.
Most other large-cap alternatives are also in the green, up about 1% to 2%. In contrast, Toncoin has fallen by more than 3%, and HEAR has likewise fallen by 4%.
The market capitalization of virtual currencies increased by about $20 billion overnight and currently stands at $2.56 trillion in CG.
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