Bitcoin, Ethereum, Dogecoin Rally Keeps Weekend Momentum Intact — Analyst Sees Apex Crypto Flashing Signal That Sparked 400% Surge

Major cryptocurrencies experienced a significant surge on Sunday evening, and the rally has continued from Thursday after reports of BlackRock Inc (NASDAQ:BLK), the world’s top asset manager, revealed it is planning to create an exchange-traded fund (ETF) with a focus on purchasing ETH.

What Happened: BlackRock is increasing its commitment to cryptocurrencies by announcing its intention to create an ETF that holds Ethereum (ETH). 

As a result, the price of ETH surged to its highest level of the day, reaching nearly $2,100 on Friday and experiencing a 3% uptick from before the filing was made public. Although the price did retreat by half of its initial gain, it still remains above $2,000.

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzinga’s exclusive event – Future of Digital Assets. Tickets are flying-  get yours!

Top Gainer (24 Hour)

The global crypto market cap currently stands at $1.37 trillion, reflecting an increase of 3.03% in the past 24 hours.

U.S. stock futures experienced a slight dip on Sunday evening following Moody’s Investors Service’s decision to revise the country’s credit rating outlook from stable to negative. The futures for the Dow Jones Industrial Average decreased by 54 points, equivalent to a 0.1% drop. Similarly, the futures linked to the S&P 500 and Nasdaq-100 also witnessed a decline of 0.2%.

Moody’s justification for the downgrade highlighted the substantial fiscal deficits and the prevailing partisan gridlock in Washington as contributing factors. It is important to note that the ratings agency reiterated America’s credit rating at AAA, which is the highest possible level.

On the economic data front, investors will closely monitor key indicators including October’s monthly federal budget, the Federal Reserve Bank of New York’s October consumer expectations survey, and remarks by Fed Governor Lisa Cook on Monday morning. This anticipation builds up to the release of the monthly consumer price index data on Tuesday.

See More: Best Cryptocurrency Scanners

Analyst Notes: Michael Van de Poppe has observed significant growth in Bitcoin’s price, with a rally from $15,000 to $37,500 over the past year.

“What we’re looking at here is the phase where we will see altcoins accelerate. The first ones have been shining massively, with Chainlink, Solana and Injective Protocol” Van de Poppe wrote on X.

He adds, “Overall, given the positive cocktail of the ETF’s and the halving, the fundamental growth of the entire sector and the acceptation of this entire market, I think we’re facing a bull cycle comparable to 2017.”

ADVERTISEMENT