Key Points
- Bitcoin rebounds to $98,000, targeting the $100,000 mark.
- Ethereum follows Bitcoin’s upward trend, aiming for $4,000.
Bitcoin, the world’s leading cryptocurrency, has seen a significant rebound to $98,000 after hitting its weekly low.
This upward trend is steering the digital currency towards the $100,000 target price.
Factors Influencing the Rebound
The rebound follows several key events.
The end of martial law in South Korea, which had previously caused a dip in the market, contributed to the rebound.
Moreover, the nomination of former SEC Commissioner Paul Atkins to lead the institution has brought positive sentiment to the market.
His pro-crypto stance has garnered support from key figures in the crypto space, including Ripple’s Brad Garlinghouse and Congressman Tom Emmer.
Additionally, Federal Reserve Chairman Jerome Powell’s recognition of Bitcoin as a potential competitor to gold has further bolstered the digital asset.
Ethereum’s Upward Trend
Ethereum, the world’s largest blockchain token, is also on an upward trajectory, mirroring Bitcoin’s movement.
According to data from CoinMarketCap, Bitcoin’s dominance has decreased by nearly 5% to 54%, a level last seen in July.
In contrast, Ethereum and other cryptocurrencies have seen an increase, indicating potential growth for Altcoins.
Ethereum has seen a 5.21% increase to $3,813 in a single day of trading, with its next price target set at $4,000.
This could potentially lead to an all-time high of $4,891, a level last seen three years ago.
Despite the lackluster performance of other top cryptocurrencies, the total crypto market cap has risen by 1.87% to $3.58 trillion.