Bitcoin (BTC) and Ethereum (ETH) have risen by 31% and 26%, respectively over the 7-day period, even as traditional asset markets are beset with inflation concerns and some meajor bank failures. As of UTC 1:57 pm Sunday, BTC has seen a 0.24% rise in 24 hours and stands at $27,258.61, with a market cap of $526,688,071,849. ETH has seen a 0.34% growth during the same period and stands at $1,781.86, with a market cap of $218,053,166,004, CoinMarketCap data said.
The rise in value relieves crypto investors, who have met months of uncertainty and market volatility. The surge in BTC and ETH prices began on Monday, as both assets weathered a sell-off of ETH and technically oversold levels. The Relative Strength Index (RSI) for BTC and ETH now stands at 70.7 and 61, respectively, indicating a potential shift toward overbought levels.
However, historical data suggests that BTC performs well even when overbought, with an average 30-day return of 13%. ETH’s average return, on the other hand, is 3%, indicating that it
may be more prone to trimming gains.
Despite their differences in usage, BTC and ETH remain tightly correlated, with investors continuing to view them as complementary assets. Both investments have outperformed other
cryptocurrencies with over $1 billion in market capitalizations. STX, the token of the Stacks layer 2 Bitcoin protocol, topped the list with a 75% increase in value, while Immutable X ranked second with a 69% increase.
As traditional markets face uncertainty, crypto investors eagerly await the Federal Open Market Committee’s (FOMC) interest rate decision next week. Although little data is expected to change expectations before the announcement, investors will pay special attention to the FOMC’s economic projections, providing insight into the committee’s decision-making process.
