Market Wrap – CRYPTORY

Market Wrap: Bitcoin Rallies On After Passing $50K Psychological Level to $52K

Bitcoin’s price is in uncharted territory while its volatility remains high.

“We are at all-time-highs territory [and] the market still has to make up its mind” about next resistance or supporting levels, says one broker.

Despite choppy price action, news over the past few days has been extraordinarily bullish for the leading cryptocurrency.

The market is bullish on both cryptocurrencies, for different reasons.

With all this bullish bitcoin activity, the ETH/BTC pair has gone bearish, a sign traders are selling ether for bitcoin.

Bitcoin and ether had record-breaking days while trending more together.

DeFi and the prospect of trading futures have crypto investors scooping up ETH.

The amount of crypto in USD values locked in decentralized finance has reached $32.8 billion, a new high.

Bitcoin has been trending higher for two days but ether is in the spotlight now.

The last time bitcoin’s closing price was under $30,000 was Jan. 1, according to CoinDesk 20 data.