Ethereum Follows BTC In 5% Spike Amid Sunday Market Surge

Ethereum follows BTC in a 5% spike amid the Sunday market surge and the entire crypto market seems to be picking back as the week starts so let’s have a closer look at today’s Ethereum latest news.

The price of both ETH And BTC spiked on Sunday and went through the recent price resistances as the market pumped higher. BTC is up by more than 5% in the past day to $47,020 at the time of writing and ETH is also up by 5% to hit $3,292. Ethereum follows BTC as the latter increased by 14% the past week and ETH by 15%. other top coins increased as well. DOT increased by 7% In the past day while DOGE increased by 6%. Solana increased by 5%, AVAX by 4%, Cardano and XRP by 3%.

It was not clear at first what caused the rebound but it was mainly a combination of factors that were gestating over the short and long term like crypto news and the market trends. The S&P 500 for example increased for a week straight and Bitcoin’s correlation with stocks hit an a17-month high. Do Kwon who created Terra said that he plans to purchase billions of dollars in BTC and keep teh reserve to back the TerraUSD stablecoin. The Luna Foundation’s official BTC Wallet address now holds over $1.1 billion and Kwon plans to up the number by $10 billion worth of BTC.

BTC balances one exchanges are hitting their lowest points in more than three years according to Glassnode which signals an increased demand and interest in moving BTC off exchanges via cold storage methods such as hardware wallets. In other news, El Salvador continued to push for BTC mass adoption via its volcano bonds which got delayed but are still planned. The country’s president Nayib Bukele told his followers last week to invest in the bonds and make the world a bit harder to police.

Also, Ukraine legalized crypto and continued to accept donations in crypto in the form of ETH, BTC, DOT, and DOGE.

As recently reported, ADA might replicate Ethereum’s 2017 bull run as it was reacting to the upside in its latest network upgrade. The pattern that can mean a bullish momentum for the coin could still play out in the near term. The seventh biggest crypto is trading at $1.09 at the time of writing and a retracement from the $1.2 mark made many traders think that a might bearish continuation over the weekend will lead to a bullish rebound.