Dogecoin, Ethereum Spike as Bitcoin Holds Above ,000

Dogecoin, Ethereum Spike as Bitcoin Holds Above $21,000

Important Coins was trading in the green Tuesday night as the global cryptocurrency market surged to $991 billion as of 8:30 p.m. EST.

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What happened: Bitcoin BTC/USD is trading above $21,000 at the time of writing, posting 25% weekly gains along the way ether ETH/USD traded above the $1,500 level up 23% in the last 7 days.

meme crypto Dogecoins DOGE/USD is up 1.91% in the last 24 hours.

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US stocks ended on mixed levels as investors digested earnings reports from banks including the fourth quarter Goldman Sachs. the Dow Jones The Industrial Average (DJIA) fell 1.1%, the S&P 500 fell 0.2% and the tech-heavy Nasdaq Composite up 0.1%.

cryptocurrency bank Silvergate Capital reported a net loss of $1 billion for the fourth quarter on Tuesday.

Sam BankmanFried Founded FTX said $415 million in cryptocurrency was transferred from its international and US exchanges by hackers.

See More: Best Crypto Day Trading Strategies

In his recent note Arcane Research rated the crypto market as “remarkably strong and buoyant” over the past week, but urged caution, saying, “In the short term, momentum appears stretched.”

“Bitcoin is rallying as central banks around the world are showing signs that they are nearing the end of their respective tightening cycles. Investors are slowly getting back into crypto as the global crypto market once again targets the $1 trillion mark. Fears of contagion have subsided and the focus of many crypto traders is on managing this outbreak,” he said Edward Moya, Senior Market AnalystThe Americas OANDA, in a note from Benzinga.

Whales amassed a total of $4.4 billion worth of BTC as they began to rally from last month’s $16,000 mark to their current $21,000 mark. Bitcoin shark addresses holding between 10 and 100 BTC were the first to start accumulating, adding 105,600 coins worth over $2.2 billion in just 10 weeks, according to data from on-chain analytics firm Santiment and halted BTC’s decline at $16,000.

Pseudonymous crypto analyst Caleo warned that many late bulls risk turning bearish again if Bitcoin retests $19,000.

Continue reading: Bitcoin, Ethereum Extend Rally, Dogecoin Down: Analyst Says Apex Coin May Target Sweep $21,600