Market Update: Ethereum Nears $4,000, Bitcoin Near $120,000
Following Sunday's EU-U.S. trade agreement announcement and another delay in US import tariffs toward China, the crypto market is rallying hard.
After the announcement of a new View post on X between the EU and the US on Sunday night, and the delay of American import tariffs toward China, the crypto market rebounds strongly. Bitcoin (BTC) is now close to breaking the $120,000 mark, while Ethereum (ETH) is dangerously close to the symbolic $4,000.
Ethereum has been performing notably well and looks set to surpass last year’s high. The all-time high is still only about $600 away. In the last 24 hours BTC rose by more than 1%, while Ethereum added just over 3%.
The big winners on the altcoin market are coming from elsewhere:
- Optimism, a Layer-2 solution on Ethereum, booked over 11% gains.
- Also SPX6900, the decentralized exchange PancakeSwap, and Ethena, the issuer of the third-largest stablecoin USDe, posted solid daily gains.
XRP and Solana (SOL) are also joining in: XRP is up more than 2% and within about $0.40 of its all-time high. Solana climbs over 3% toward the key $200 level, a psychological milestone for investors.
Meanwhile, Matt Hougan, Chief Investment Officer at Bitwise, fans the flames with the claim that the classic four-year cycle in crypto is dead. He argues that the halving of the block reward is weighing less and less, while rate cuts and institutional adoption are expected to weigh more on market development.
This week looks set to be exciting: The upcoming FOMC meeting, fresh core PCE inflation data, and quarterly results from major U.S. tech companies could give the next push to Bitcoin’s price swings and the broader crypto market.
