Bitcoin Rallies Above $20,000 for First Time in Three Weeks, with Ether Surging By 10% in 24 Hours
The change in momentum has also been welcome news for crypto-related stocks, with Coinbase's share price rallying by 13% on Tuesday.
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Bitcoin has enjoyed a sudden rally above $20,000 after weeks of stagnation — with some maximalists optimistically declaring that it'll never fall below this threshold again.
CoinMarketCap data shows the world's biggest cryptocurrency has surged by 4.4% over the past 24 hours — peaking at $20,348 on Tuesday evening before pulling back slightly.
But it's Ether that's showing far greater levels of strength right now. It's rallied by 10% in a single day — and is now knocking on the door of $1,500.
Dogecoin and Cardano are among the smaller altcoins that have also managed to lock in double-digit gains.
BTC hasn't been this high in almost three weeks, but has been successful in resisting a meaningful fall below $19,000 over this timeframe.
Mixed Bag on Wall Street
The change in momentum has also been welcome news for crypto-related stocks, with Coinbase's share price rallying by 13% on Tuesday.
And MicroStrategy — a business intelligence firm that's an aggressive investor, with over 130,000 BTC in reserve — was up 11.6% by the close.
All of this suggests that investors are starting to warm to risk assets again, with the S&P 500 and the Nasdaq both ending in positive territory.
However, the mood was soured after some of the biggest tech stocks posted disappointing results — indicating that equities may have further to fall.
Google saw 6% ad growth in the third quarter of 2022 — and while this may sound impressive at first, this is actually its weakest performance in nine years.
And it seems crypto played a role here, with the search giant seeing a substantial pullback in revenues from advertisers in the sector.
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