Ethereum (ETH) is trading higher today as the crypto market cap bounces to $1.27 trillion.
ETH price rose to $2,008 while Bitcoin (BTC) price climbed to $29,800 looks to end the week stronger.
Gains for cryptocurrencies came as US equities ended the week higher, with regional bank stocks pummeled earlier in the week rebounding.
On Friday, the price of Ethereum rose over 6% within hours to break above $2,000, a key technical level that bulls seek to turn into support. On Saturday, Ethereum was trading around $1,966 and up 4% in the past 24 hours after rising to intraday highs of $2,008.
Ethereum isn’t the only crypto asset to see a price bump in the past day. Bitcoin, the benchmark cryptocurrency and digital gold, rose to near $29,800 as a 3% price increase took bulls to within the now highly coveted $30k level.
Both Ethereum and Bitcoin are looking to benefit from an uptick in investor sentiment, particularly with risk appetite back following recent dips.
Why did Ethereum price go up?
The total cryptocurrency market cap rose 1.5% to above $1.27 trillion as memecoin mania returned with Pepe (PEPE) and Floki Inu (FLOKI) prices surging after listing on Binance.
A look across the broader market shows crypto prices rebounded as the US stock market ended the week higher, with the major indices all turning green after a four-day losing streak.
The S&P 500 closed 1.85% up, the Dow Jones Industrial Average added 546 points, or 1.65% and the Nasdaq closed 2.25% higher.
The positive returns for the market came as equities rebounded, led by shares of Apple (AAPL) that jumped to a nine-month high on the iPhone maker’s better-than-expected quarterly report. The market also saw regional bank stocks show some recovery after massive sell-off in the week, with PacWest shares among those to rebound after falling over 60% on Thursday.
While crypto and other risky assets are likely to benefit from overall investor sentiment, the coming week will be key as the markets assess April’s CPI report.
The Federal Reserve Chair Jerome Powell hinted this week that the central bank could pause its interest rates hike. However, with this week’s strong jobs data, all eyes will be on the CPI data as investors evaluate the inflation indicator.