The cryptocurrency markets are experiencing a significant uptrend due to the rebound in U.S. technology stocks and a decline in market uncertainties. The first quarter was notably turbulent; however, by mid-second quarter, the Trump administration displayed a marked shift in their stance compared to April 2nd. If this change holds and is not a part of another strategy, the cryptocurrency market could witness additional gains.
The Historic Rise of U.S. Markets
Recent developments in the S&P 500 index have caught attention, with a notable 13.7% growth over the past 21 trading days. The last occurrence of such substantial gains in 21 days was in 2020, during a period of significant economic stimulus following the pandemic. Such trends offer renewed hope for the months ahead.
Only four times in the last 25 years have we witnessed similar gains over this period. Given the context and historical market conditions, optimistic predictions for the future are not unfounded.
In this century, there have only been five periods where the index’s 21-day gain was higher: 2020, 2009, 2008, 2002, and 2001. These periods marked pivotal moments in either bear market conditions or the emergence of new bull markets. Since its lowest point on April 7th, the S&P 500 has risen by 17%, completely recovering its losses post-Independence Day, yet it remains around 1.5% below its 200-day moving average.
The cryptocurrency market has shown a strong correlation with U.S. stock movements, benefiting significantly from the current upward trend. Factors driving the stock market rise have implications for even greater positive momentum in cryptocurrencies. The ongoing acceptance of cryptocurrencies in the U.S. and strategic moves by major corporations had yet to be fully realized due to tariff pressures. This delay in pricing could prove disadvantageous for bearish investors.
W Coin and ETH Movement
Ethereum (ETH)
$2,321 has climbed above $2,330, recording over a 10% increase, positioning itself well in the market. If this trajectory continues, more substantial gains could be expected across other altcoins. PEPE Coin is anticipated to mimic this movement, albeit more leveraged. In his recent assessment, CryptoBullet provided an updated Ethereum price prediction and shared an illustrative chart.
Ethereum reached the green target zone recently, set within a single weekly candle. The potential remains for Ethereum to rise above $3,000, suggesting the need for patience to observe this growth.
Quinten Francois sees opportunities in W Coin, highlighting its prospects as it emerges from the shadows.
W Coin shows early signs of a potential trend reversal, with a significant rally reflected in its highest level in months. The critical level to watch is maintaining above $0.09, which could mark a crucial support.