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The price of Bitcoin has risen by about 150% since the start of the year, despite the hiccup. The main driver of the surge has been expectations that large financial institutions will soon be able to purchase significant exposure to Bitcoin through exchange-traded funds (ETFs). Two Key Weeks Ahead for Bitcoin and Ethereum On the other hand, Ethereum has also shown signs of recovery, corrected a bit and was above the $1,850 level. Ethereum which marked its highest peak since August 2022 after touching the $2,100 level in mid-April 2023. This rally was seen immediately after the successful launch of the ETH hard fork “Shapella”, which can transform the landscape of the crypto coin Ethereum and its applications. Currently, ETH is trading at 17.5% and forming a strong resistance at $2,247 levels.
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Bitcoin isn’t the only cryptocurrency to be experiencing a tumultuous period. Generally, bitcoin’s price action reflects wider market trends, with alternative cryptocurrencies known as ‘altcoins’ having a tendency to rise and fall in similar waves. Crypto market movers Bitcoin (BTC-USD) surged above $37,000 Thursday morning to its highest price in 18 months, a rally fueled by more optimism that regulators could soon approve the first spot bitcoin exchange-traded fund.