A clear improvement on the cryptocurrency market can be spotted in the second half of Monday's trading. While no news surfaced that could explain this improvement, it is worth noting that it start around the time US markets are usually going live. This suggests that increased interest in cryptocurrencies this afternoon may come from US traders, who are unable to trade stock due to Wall Street being closed for the Memorial Day holiday. SEC approving Ethereum ETFs last week likely remains a contributing factor to today's rally. However, traders should keep in mind that Bitcoin also gained after ETFs were approved but actual launch of trading in Bitcoin ETFs marked a top and was followed by a 20% plunge.
ETHEREUM is trading around 3% higher at press time and climbs to the highest level since March this year. Bitcoin is also on the rise today, gaining around 3% and trading near $70,300 mark.
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ETHEREUM at D1 interval. Source: xStation5
BITCOIN at D1 interval. Source: xStation5
