Ethereum
Bitcoin surpasses $54,000, Ethereum breaks out
Bitcoin (BTC-USD) pushes $55,000 and Ethereum (ETH-USD) is approaching $3,200 amid a surge in crypto and crypto-related assets on Monday.
For more expert insights and the latest market action, click here to watch this full episode of Yahoo Finance Live.
Yahoo Finance Senior Markets Reporter Jared Blikre breaks down market action.
Editor’s note: This article was written by Stephanie Mikulich.
Video transcription
[AUDIO LOGO]
JOSH LIPTON: The broader markets are seeing moderate action in today’s trading, but the big move is in crypto. Let’s move on to Jared Blikre to find out more. Jared.
JARED BLIKRE: That’s right, Josh. We have some milestones in the rearview mirror. It seems like only a few hours ago I was talking about Bitcoin, 52,000. Now it’s Bitcoin, 54,500. And Ethereum really stole the show today: it’s only up 2% over the of the last 24 hours, but it finally passed 3,000. And it was kind of a flirtation with that number last week. Today it has moved decisively above.
And now what is in sight here? We obtained records mainly for Bitcoin and Ethereum. For Bitcoin, we’re probably looking at 60,000 – this will be one of the higher resistance levels – and for Ethereum, probably in the 4,000s here. There is still some price memory left, but we have already seen Bitcoin and Ethereum break these previous highs in previous cycles.
And what do I mean by cycle? Well, we’re facing another Bitcoin halving that’s always been a bullish catalyst that kind of brings to the forefront the moment where, I guess, the imagination that there’s limited supply, total supply finished with Bitcoin. And miners drop out during these halvings. So this will happen in a few months.
But when it comes to Ethereum, let me leave it at that for a second, because there will be a key upgrade coming on March 12-13 called “Dencun”, DENCUN. And that’s going to improve the speed of the network, essentially making it more compatible with some of the newer entrants like Solana.
And let me just show you a Solana chart that really exploded higher today. Here’s a five-year look. But over the past three months, trading has been largely sideways. But we have a range expansion today – it doesn’t mean much until we hit 125. But given how long the consolidation has lasted here, I would expect this one punch -above has some momentum with it.
And then, thinking broadly about Bitcoin, the giant here, I mentioned 60,000 as the price target level. In fact, the highs are just under 70,000. But I’d say 60,000 is probably the last stand here. And we are quickly approaching that point. You have to imagine what the potential negative catalysts are? I don’t see much.
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There might be another news sales event with something, but we kind of have Binance behind us. We are still awaiting CZ’s sentencing. But many of those crypto hurdles that bogged down cryptocurrency during this crypto winter, most of them are gone. So it seems that the sky is looking bright for the land of cryptocurrencies.
JULIE HYMAN: Put on your sunglasses. Thank you very much, Jared. Enjoy it.