In the past 24 hours, Bitcoin (BTC) and Ethereum (ETH) have seen significant price surges, with BTC reaching its highest price in over a month at just over $67,400, while ETH surpassed the coveted resistance line of $3,000 and surged above $3,100.

BTC's 5-Week Peak

Bitcoin faced challenges at the beginning of May, dropping to a multi-month low of under $57,000. However, it began to recover ground, reaching above $65,000 on May 6 before experiencing a brief correction. Despite fluctuations, BTC maintained its ground and started climbing again on Monday, reaching over $63,000. Positive news on lowering inflation rates in the US further propelled BTC's price, leading to a rapid increase to over $67,000, marking a 5-week high.

ETH Breaks $3,100

Ethereum, the second-largest cryptocurrency, struggled to reclaim the $3,000 level in recent weeks. However, it finally surpassed this resistance line, surging above $3,100 for the first time in over a week. While larger-cap altcoins also saw gains of around 1-2%, some, like Toncoin and HEAR, retraced by more than 3% and 4%, respectively.

Market Outlook

The total crypto market cap has added approximately $20 billion overnight, reaching $2.560 trillion. Despite fluctuations, BTC still trades around $67,000, with its market dominance slightly down to 51.6%.

Conclusion

The recent price surges in Bitcoin and Ethereum mark significant milestones for the cryptocurrency market, with BTC reaching a 5-week high and ETH breaking the $3,100 resistance level. These developments highlight the ongoing strength and resilience of the crypto market, attracting investor interest and contributing to overall market growth. As the market continues to evolve, investors and enthusiasts are closely monitoring price movements and market trends for potential opportunities.