Bitcoin and Ethereum Climb 6%, Hit Highest Level in Six Weeks

Bitcoin and Ethereum boost crypto with 6% growth each, showing their dominance and resilience in the volatile market

The cryptocurrency industry has recently grown, helping Bitcoin reach a six-week high. On Thursday, Jun 22, 2023, the largest digital currency in the world increased by as much as 6% in a day to reach US$30,136.16, marking its highest level in six weeks. According to experts, the rally that followed the latest Bitcoin price increase resulted from a mix of short-term and long-term causes, such as the Federal Reserve's decision to raise interest rates and the rising popularity of Bitcoin among institutional investors. 

Additionally, JPMorgan Chase declared it would soon introduce its own digital money. Visa and PayPal are still working on their cryptocurrency projects in the meanwhile. The realm of digital currencies, which was previously perceived as mostly speculative and dangerous, is seen as becoming more legitimate due to these initiatives. This news has also affected other cryptocurrencies, with Ethereum's price increasing by 6% due to the Bitcoin rise.

Presently Ethereum is trading at US$1908.2 price has increased by more than 6%, and the price is consolidating gains. On the hourly chart of ETH, a significant bullish trend line is also developing, with support close to US$1,890. Recently, huge rises have also been recorded in tokens like Dogecoin and Binance Coin. Additionally, the total market value of cryptocurrencies has surpassed US$2.2 trillion, setting a new record. However, the trade volume increased by roughly 35% to $59.5 billion. The prominent cryptocurrencies Bitcoin, Ethereum, Litecoin, and Bitcoin Cash are now available for trading on EDX Markets, a crypto platform backed by Schwab and Fidelity.

What's More?

Despite the bearish that Bitcoin and Ethereum experienced past few weeks, both digital currencies still have a bright future. The toughness of Bitcoin and its expanding institutional adoption point to a possible bullish run. Like Bitcoin, Ethereum is a viable long-term investment due to its impending upgrade and function as a catalyst for decentralized innovation.