Crypto prices traded higher in line with equities today, as bitcoin flirted with the key level of $25,000.
Bitcoin was trading up 2.5% over the past few hours to just below $25,000 by 10:50 a.m. EDT, according to TradingView data.
Jonah Van Bourg, Cumberland’s Head of Trading, noted that bitcoin dominance, which refers to the market capitalization of bitcoin relative to the total market capitalization of all crypto assets, has increased 5% year-to-date. “Bitcoin dominance usually increases when crypto is under pressure or selling off,” he wrote on Twitter.
Ether added around 0.3% as it continued to trade at about $1,660. Binance’s BNB was up 4.9%, Polygon’s MATIC added 0.7%, and Cardano’s ADA gained 0.9%.
Crypto-related stocks also traded higher. Coinbase shares added about 1% by 10:50 a.m. EDT, according to TradingView data. MicroStrategy and Block were both higher by 2.1 and 1.2%, respectively.
Cathie Wood’s Ark Invest is keen on Block, purchasing almost $30 million worth for its various ETFs since Monday.
© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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