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and XRP Rally as Ethereum Breaches $2,000
Analyst Predicts End of Bear Market if Key Levels Hold
On Wednesday, ethereum ($ETH) breached the $2,000 mark for the first time in more than two months, surging after the U.S. Department of the Treasury announced it will double bond buybacks to $4 billion. According to Bitstamp data, the number two digital asset by market capitalization rocketed to an intraday peak of $2,112 before retreating to consolidate just under $2,090.
Before that, $ETH had languished below $1,900 since Aug. 8, except for brief moments when buying pressure saw it break through the threshold. That changed Aug. 19 when the unexpected U.S. Treasury announcement sent the cryptocurrency market surging, with Bitcoin falling just short of the $70,000 mark.
The digital asset’s nearly 10% jump lifted $ETH’s market capitalization from under $230 billion to $251 billion. The surge also pushed the total market cap for altcoins above $1 trillion for the first time in nearly a month.
Market analyst Michaël van de Poppe, chief investment officer and founder of MN Fund, characterized the price action as a “phenomenal breakout” for $ETH.
“I don’t think it will stall — not at all — but after such a move, I’d much rather see it consolidate for a little,” van de Poppe remarked, adding that he is looking to buy dip opportunities. “As long as this remains above $2,000, the markets should expect a continuation towards $2,250, a $2,465 high, and potentially even $2,900 as a target zone. If we’re going to make a higher high, the bear markets are over.”
Meanwhile, privacy coin Zcash ($ZEC) also outperformed the broader market, jumping from just over $503 to peak at $557. Like the rest of the cryptocurrency market, the bulk of $ZEC’s gains occurred in just over an hour, underlining how the Treasury’s move catalyzed trading. The coin’s 9% jump lifted its market cap to $9.3 billion, widening its lead over Monero ($XMR), which fell 0.9%.
Other notable gainers included HYPE, XRP, and SOL, which all jumped more than 6%, and XLM, which rose 7.5%. A handful of altcoins bucked the upward trend alongside $XMR, including LEO, down 2%, and TRX, down 0.7%.
Source: cryptonews.net