Hassan Maishera
TL;DR
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Bitcoin has been trading around the $30k region in recent days while Ether stays around the $2,100 level.
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The market could be consolidating ahead of a possible upward movement in the near term.
Bitcoin And Ether Rally Stall
Bitcoin, the world’s number one cryptocurrency, has had an excellent year so far. BTC is up by more than 60% year-to-date, outperforming the other major financial assets.
However, Bitcoin has been stuck around the $30k region in recent days. At press time, Bitcoin is trading at $30,198, up by more than 2% in the last 24 hours. The positive performance comes as the sentiment in the broader market improves.
Ether, the second-largest cryptocurrency by market cap, is also facing a similar dilemma as Bitcoin. After rallying to an 11-month high of $2,141 over the weekend, Ether’s rally seems to have stalled, barely a week after the Shanghai upgrade was completed.
Ether is now trading at $2,085, up by less than 1% in the last 24 hours. Bitcoin and Ether could be consolidating ahead of possible upward movement. Despite the rallies recorded so far this year, Bitcoin and Ether are still down by more than 50% from the all-time highs recorded in November 2021.
In the near term, analysts expect interest rate decisions to affect the performance of Bitcoin and the broader crypto market. If the US Fed is to abandon its recent rate hikes, Bitcoin could be one of the major assets to benefit.
