Before plummeting sharply, Bitcoin briefly reached $25,000, its highest point since June, as the cryptocurrency struggles to make any discernible progress higher.
According to CoinDesk data, the biggest digital coin in the world surged above $25,000 late on Sunday for the first time since mid-June. At $24,120.61 on Monday, it was unchanged.
In the past month or so, cryptocurrency prices have increased in response to a rise in American stocks. Digital currencies like bitcoin have a strong inverse relationship with the movement of stock markets, especially the Nasdaq, which is heavily weighted toward technology and has increased by about 12% over the past month.
Bitcoin briefly reached $25,000, its highest level since June, before falling precipitously as the cryptocurrency struggles to advance noticeably higher.
The largest digital coin in the world surged above $25,000 late on Sunday for the first time since mid-June, according to CoinDesk data. On Monday, it was unchanged at $24,120.61.
The price of cryptocurrencies has risen over the last few weeks in response to an increase in American stocks. The movement of stock markets, particularly the Nasdaq, which is heavily weighted toward technology and has increased by about 12% over the past month, is strongly inversely correlated with the movement of digital currencies like bitcoin.
Investors are excited about a significant, long-awaited upgrade to the Ethereum network that could increase transaction efficiency, which is why. The native cryptocurrency that utilizes the Ethereum blockchain is called Ether.
The “merge,” the upgrade, conducted its last dress rehearsal last week.
Bitcoin is also benefiting from the ether rally.
“We’re seeing BTC catch up with ETH, given the excitement over the merge, potentially scheduled for 15th September,” Ayyar said.