Will cannabis stocks continue their upward momentum
Ethereum price: is Ether now rising back above $ 2,000?
Bitcoin again over 50,000 dollars - the Ethereum course (Ether) also benefits
Bitcoin has been able to avert further losses for the time being. In the middle of the week, the key currency is again trading above the psychological level of $ 50,000. Against this background, currencies from the back rows such as ethers are also receiving a tailwind. In any case, the feared third wave of sales does not materialize. It is noteworthy that the latest setback is being bought up again immediately. It remains to be seen whether this is just a technical countermovement or whether a new upward dynamic can develop. Despite an upward trend that is still healthy from a technical point of view, the prices for Bitcoin and Co have suffered a noticeable crack. Yesterday's price shock is still deep in the bones of investors. Bargain hunters could go on the prowl.
Basically, from a fundamental point of view, the stock market lights are still green. Investors continue to celebrate the entry of larger companies, not least through Tesla. In the past two days, Bitcoin may have fallen victim to its own success to some extent. The price levels had shot up too high as a result of the never-ending bull market, and the most recent euphoria was too great.
Ether over $ 2,000 for the first time - a milestone
The second most important cryptocurrency ether rose above the psychological mark of $ 2,000 for the first time in its history over the weekend. The alternative currency was able to continue its record hunt two weeks after the start of the Ether Futures on the US exchange CME. The launch of the futures contracts is further grist to the mills of institutional investors, who see Bitcoin and Co as a hedge and diversification instrument in the face of impending inflation risks around the globe. In the first week, a total of over $ 160 billion was traded.
Above all, alternative currencies such as ether are also benefiting from the Bitcoin boom. Since Friday, the Bitcoin asset has been valued at over a trillion dollars for the first time. Bitcoin ranks behind Google Alphabet ($ 1.413 trillion) and the raw material silver ($ 1.5 trillion).
Basically, there are currently numerous reasons for the current bull market in the overall market. Not only Tesla boss Elon Musk should play a decisive role in this. With Tesla as well as privately, Musk continues to enjoy fueling the rally.
However, the rally is currently also being driven by investors' fear of missing out on something. Private investors in particular are likely to have jumped blindly into the market in the past few hours.
Square also bought bitcoin
The entry of the payment service provider Square into the crypto currency Bitcoin is also likely to act as a driving force. According to its own information, it has invested a total of $ 170 million, as the San Francisco-based company announced in its financial report for the fourth quarter on Tuesday. A total of 3,320 bitcoins were received. Previously, 4,700 units had already been purchased in October 2020, it is said.
Ethereum course: it could go on like this
After yesterday's setback, the upside momentum could pick up speed again. With this in mind, a return to the $ 2,000 mental mark is conceivable. On the downside, the technical support level of $ 1,400 has turned out to be support for the time being, which is also the high from the end of January. An early return above said 2,000 mark would be a bullish signal. On the other hand, another sale is also conceivable. In this scenario, the target would be $ 1,000.
Go short on the Ethereum course with CFDs.
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Please note that IG Bank customers cannot currently buy positions in cryptocurrencies. Increased volatility means an increased risk of rapid and large losses.
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