{"id":12024,"date":"2022-03-28T04:46:57","date_gmt":"2022-03-28T04:46:57","guid":{"rendered":"https:\/\/egrowonline.com\/?p=12024"},"modified":"2022-03-28T04:46:57","modified_gmt":"2022-03-28T04:46:57","slug":"bitcoin-and-ethereum-spike-5-amid-crypto-market-sunday-surge","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=12024","title":{"rendered":"Bitcoin and Ethereum Spike 5% Amid Crypto Market Sunday Surge"},"content":{"rendered":"


\n<\/p>\n

\n

The price of Bitcoin and Ethereum spiked on Sunday and pushed through recent price resistance as the entire crypto market pumped higher. 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.<\/span><\/p>\n

Bitcoin is now up 14% in the past week, Ethereum up 15%.<\/p>\n

Other top coins rose as well: Polkadot (DOT) is up 7% in 24 hours, Dogecoin (DOGE) is up 6%, Solana (SOL) is up 5%, Avalanche (AVAX) is up 4%, XRP is up 3%, and Cardano (ADA) is up 3%.<\/span><\/p>\n

It was not immediately clear what caused the rebound, but it\u2019s likely a combination of many factors that have been gestating over the short and long term, including crypto news and broader market trends.<\/span><\/p>\n

For example, the S&P 500 has risen for a week straight, and Bitcoin\u2019s correlation with stocks is <\/span>at a 17-month high<\/span><\/a>. In addition, <\/span>Do Kwon<\/span><\/a>, creator of protocol Terra (LUNA), said in a Twitter Spaces that he plans to buy billions of dollars in Bitcoin and keep it in a reserve to back the stablecoin TerraUSD (UST). Luna Foundation\u2019s <\/span>official<\/span><\/a> Bitcoin wallet address currently holds over <\/span>$1.1 billion<\/span><\/a>, and Kwon plans to accumulate up to <\/span>$10 billion<\/span><\/a> worth of BTC.<\/span><\/p>\n

Bitcoin balances on exchanges are also at their lowest in more than three years <\/span>according to Glassnode<\/span><\/a>, signaling increased demand and an interest in moving Bitcoin off exchanges via cold storage methods like <\/span>hardware wallets<\/span><\/a>.<\/span><\/p>\n

\"\"\"\"<\/span>
Bitcoin reserves on cryptocurrency exchanges are low across the board. Source: CryptoQuant.<\/figcaption><\/figure>\n

In other news, El Salvador has continued its push toward Bitcoin mass adoption with its \u201cvolcano bonds\u201d which, while delayed, are still being planned for the country. El Salvador\u2019s President <\/span>Nayib Bukele<\/span><\/a> told his 3.6 million Twitter followers last week to invest in the volcano bonds to \u201cmake the world that bit harder to police.\u201d<\/span><\/p>\n

And let\u2019s not forget Ukraine\u2019s official <\/span>legalization of cryptocurrency<\/span><\/a> and continued <\/span>acceptance of donations<\/span><\/a> (more than $100 million to date) in the form of Bitcoin, Ethereum, Polkadot, and Dogecoin.<\/span><\/p>\n

Or if you ask Dogecoin co-founder <\/span>Billy Markus<\/span><\/a>, \u201cThe answer is always manipulation.\u201d<\/span><\/p>\n

\n
\n

The best of Decrypt straight to your inbox.<\/h3>\n
\n
\n
<\/span><\/div>\n<\/div>\n

Get the top stories curated daily, weekly roundups & deep dives straight to your inbox.<\/p>\n<\/div>\n<\/article>\n<\/div>\n<\/div>\n


\n
Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The price of Bitcoin and Ethereum spiked on Sunday and pushed through recent price resistance as the entire crypto market pumped higher. 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 […]<\/p>\n","protected":false},"author":1,"featured_media":12025,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","enabled":false}}},"categories":[40],"tags":[50,62,158,219,1760,2114,371],"class_list":["post-12024","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-analysis","tag-bitcoin","tag-crypto","tag-ethereum","tag-market","tag-spike","tag-sunday","tag-surge"],"jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"http:\/\/egrowonline.com\/wp-content\/uploads\/2022\/03\/bitcoin-and-ethereum-gID_5.jpg","_links":{"self":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12024","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=12024"}],"version-history":[{"count":1,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12024\/revisions"}],"predecessor-version":[{"id":12026,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/posts\/12024\/revisions\/12026"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=\/wp\/v2\/media\/12025"}],"wp:attachment":[{"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=12024"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=12024"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/egrowonline.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=12024"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}