Tuesday, May 17, 2022

Bitcoin eyes third weekly close above $60K as Ethereum fuels new altcoin market cap record

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Bitcoin (BTC) preserved $61,000 into the weekend after “aggressive” shopping for on Coinbase sparked multi-day highs.

BTC/USD 1-hour candle chart (Bitstamp). Supply: TradingView

Coinbase BTC patrons step up

Information from Cointelegraph Markets Pro and TradingView confirmed BTC/USD cooling in a single day after briefly difficult $63,000.

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Friday noticed sturdy efficiency after U.S. conventional markets opened, serving to raise Bitcoin to close its minimal month-to-month shut goal.

As analysts famous, main trade Coinbase was the venue for heavy accumulation on the day.

Widespread dealer and analyst Pentoshi in the meantime famous promoting elsewhere, particularly from one whale whose BTC divesting has now hit over 1,000 BTC, every bought on the open market in batches of 20-30 BTC.

“Simply goes to indicate how liquid this market is now,” he summarized.

Each the weekly and month-to-month shut on Sunday will probably be a supply of curiosity for market contributors, with the latter seeing a possible all-time excessive. BTC/USD can also shut its third week in a row above $60,000.

Altcoin market cap passes all-time highs

For a lot of, nonetheless, it was all about altcoins because the weekend started.

Associated: Altcoin Roundup: Dogecoin, Shiba Inu and memes are hauling the dogsled to mass adoption

Ethereum’s Ether (ETH) hit new all-time highs on Friday, serving to the general altcoin market cap attain new peaks of its personal — $1.473 trillion.

Altcoin market cap 1-week candle chart. Supply: TradingView

Sturdy efficiency remained elsewhere, with Shiba Inu (SHIB) steadying after its blistering gains all through the week.