Matt Maley News

Bitcoin after the breathtaking surge by the market bellwether in recent weeks. Cardano surged as much as 30% on Friday, while Solana gained about 8% and Avalanche increased 12%. Meanwhile, Bitcoin was up about 2% and Ether was down around 1%. Combined, the two largest tokens account for about 70% of crypto’s $1.6 trillion market capitalization. “After the huge rallies Bitcoin and Ethereum have seen, it’s not a surprise that they’re taking a bit of a sideways breather,” said Matt Maley, chief market strategist at Miller Tabak & Co. “However, the fact that these altcoins are rallying so strongly today tells me people have not lost any love for the overall asset class.” Solana is among the blockchains competing with Ethereum, crypto’s key commercial highway, for a bigger share of digital-asset activity

The recent surge in Bitcoin (BTC) price could be the beginning of a new crypto supercycle that propels the world’s largest cryptocurrency to an astonishing $500,000. 

Stocks kicked off the week with losses after posting big gains this month, with traders awaiting key inflation data, remarks from United States Federal Reserve speakers and results from some giant retailers.

New York | Nike posted a record streak of losses as concern over China’s sluggish consumer economy builds and elevated merchandise stockpiles continue to weigh on profitability across the activewear industry.

Bitcoin (BTC) fell lower over the course of last week, as optimism faded among market participants in the face of potentially higher interest rates in the US.

Bitcoin briefly dropped below its 50-day moving average, sliding back further into the range in which it has traded this year.

Bitcoins been clinging to a range between $32,000 and $47,000.

Bitcoin gained the most in four months as investors show signs of renewed risk appetite following a volatile week across financial markets. The largest cryptocurrency by market value jumped as much as 10% to $40,730, the most since Oct. 1. It hasn’t been above $40,000 in more than two weeks. Ether climbed as much as 12%. Even SOL, the native currency of the Solana blockchain that has tumbled in the wake of the Wormhole project hack, surged about 12%. The top cryptocurrencies began to rally in overnight trading after strong earnings from Amazon.com Inc. bolstered confidence in technology stocks, which digital tokens have largely tracked over the past months.

On Friday, bitcoin (BTC) rallied and returned above the USD 40,000 level for the first time in two weeks, while ethereum (ETH) neared the USD 3,000 level.