Bitcoin has surged above 100,000 for the seventh time. Can Ethereum keep pace and return to 4,000?
As cryptocurrency investors eagerly awaited, the long-awaited bull market has finally arrived.
On the evening of May 8, Bitcoin broke through the 100,000 USD mark and continued to climb, successfully standing above 102,000 USD, achieving an impressive five consecutive weekly gains on the weekly chart. However, the most noteworthy aspect of this market rally is Ethereum, which saw a 24-hour increase of over 20%, breaking through the 2,000 USD threshold and further climbing above 2,400 USD. The ETH/BTC exchange rate returned above 0.02, rebounding over 14% from previous lows.
Ethereum's surge acted like a fuse igniting the market, quickly driving a wave of explosive growth across the entire altcoin market. From the 24-hour increase data, the re-staked token EUGEN rose over 40%, ETHFI increased over 28%, and both OP and ARB rose over 15%; in the public chain sector, SOL increased nearly 10%, while SUI and BERA both rose over 19%; the stablecoin sector also performed well, with ENA increasing over 28% and LQTY soaring as high as 39%.
This surge in the cryptocurrency market has heightened traders' enthusiasm but has also dealt a blow to many short-sellers. That's how the market works: where there are gains, there are also losses. What we can do is try to manage risks as much as possible while pursuing long-term, stable returns.
