Shares of Coinbase and MicroStrategy were up more than 6% on Aug. 8 (at 2 p. m. ET), gains that came as Bitcoin’s value rose above $59,000.
Coinbase (COIN) shares are trading around $192. 30, while MicroStrategy’s MSTR soars around $134. 23.
Read more: Michael Saylor’s Bitcoin bet will pay off, his BTC holdings now valued at $1 billion
Bitcoin’s rise allows it to build on its recent momentum since reclaiming over $50,000. According to data from CoinGecko, the flagship cryptocurrency is up 7% in the last 24 hours. Last week’s losses narrowed to about 5%.
Amid this, crypto analyst Ali Martínez claims that long-term holders have been aggressively buying the recent dip.
— Ali (@ali_charts) August 8, 2024
This positive move for BTC comes as XRP led the cryptocurrency market after the most recent court ruling in the Ripple v. SEC. XRP traded above $0. 63 against Stellar (XLM) and other altcoins rose. Ethereum also crossed the $2,600 mark.
However, XRP is in a key resistance zone and Ethereum would possibly still have to combat the bearish tension of potential sell-offs.
“There is a possible short-term limit with Jump Trading proceeding with its ETH liquidations ($21,394 wstETH ~ $63. 6 million remaining) and Plus Token Ponzi 2 ETH wallets moving a total of 25,757 ETH ($63. 6 million remaining) 1 million dollars) in the last 30 years. hours,” wrote QCP Capital analysts.
The market as a whole also remains largely cautious as analysts point to jitters similar to that of the global macroeconomic environment and geopolitical tensions in the Middle East. In that case, cryptocurrencies may still experience a pullback in a turbulent month.
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