Hassan Maishera
TL;DR
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Ethereum’s ETH added nearly 4% to its value to hit the $2,800 mark for the first time in 15 weeks.
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Analysts expect Bitcoin to reach a new all-time high as the price consolidates around $109k.
ETH Could Surge Above $3k Soon
Ether, the second-largest cryptocurrency by market cap, was one of the best performers among the top 10 cryptocurrencies by market cap. It added nearly 4% to its value in the last 24 hours to hit the $2,800 mark for the first time in 15 weeks.
The rally comes as altcoins surge higher following Bitcoin’s positive start to the week. Data from growthepie showed that the number of unique addresses on the Ethereum network reached an all-time high of 17.4 million earlier this month. Furthermore, the number of ETH addresses interacting with one or multiple chains has increased by 70.5% since the beginning of Q2.
Solana’s SOL added 5% to its value to trade above $165 per coin. Cardano and Dogecoin are both up 3% while BNB and Tron added 1% each to their values in the last 24 hours.
BTC Could Surge to a New All-time High
While altcoins rally, Bitcoin has been consolidating over the past few hours. BTC is trading above $109,500, up less than 1% in the last 24 hours. Despite its slow price action, analysts are optimistic that BTC could rally to a new all-time high soon.
YouHodler's Ruslan Lienkh told Cryptowisser that there is a strong possibility that Bitcoin could soon reach a new all-time high, as the price currently stands just a few percentage points below its previous peak.
“Broadly speaking, financial markets remain optimistic. The S&P 500, for example, is trading approximately 3% below its all-time high. However, the risk of a reversal remains, particularly if upcoming economic data disappoints. All eyes are now on tomorrow’s U.S. inflation report. While markets are pricing in a moderate uptick, a higher-than-expected reading could trigger increased volatility across risk assets, including cryptocurrencies."
BTC is up 4% over the last seven days and could rally higher in the coming days or weeks to surpass its current all-time high price of $111,970.
