As the whole crypto market blasted upward on Sunday, the price of Bitcoin and Ethereum skyrocketed and smashed over recent price barriers. According to CoinMarketCap, Bitcoin has surged more than 5% in the last 24 hours to $47,020, while Ethereum has risen 5% to $3,292. Currently, the famous bitcoin is up 14%, and Ethereum is up 15%.
Other famous crypto coins like Polkadot (DOT) is up 7% in 24 hours, Dogecoin (DOGE) is up 6%, Solana (SOL) is up 5%, Avalanche (AVAX) is up 4%, XRP is up 3%, and Cardano (ADA) is up 3%. This price rise is not an immediate action, but many factors cause it.
Bitcoin’s stock correlation is at a 17-month high, and the S&P 500 has been advancing for a week. Do Kwon has stated in a Twitter Spaces that he intends to acquire billions of dollars in Bitcoin and store it in reserve to support the stable coin TerraUSD (UST). The official Bitcoin wallet address of the Luna Foundation has $1.1 billion, and Kwon plans to collect $10 billion in bitcoin.
According to Glassnode, the popular cryptocurrency bitcoin’s exchange holdings are also lowest in three years. This indicated a rise in demand and interest in removing bitcoin from exchanges and storing it in cold storage, such as hardware wallets. Bitcoin’s market capitalization topped $1 billion on February 28, 2013. The well-known cryptocurrency was trading at $92, with the price increase attributed to banking concerns.