- Coinbase and MicroStrategy stocks rose 6% and 7%, respectively, as Bitcoin soared above $59,000.
- Analysts say the cryptocurrency market could see volatility amid potential bearish catalysts.
Shares of Coinbase and MicroStrategy were both up more than 6% on Aug. 8 (as of 2 p.m. ET), rising as Bitcoin prices topped $59,000.
Coinbase (COIN) stock is trading around $192.30, while MicroStrategy’s MSTR is hovering near $134. twenty three.
read more: Michael Saylor’s bet on Bitcoin paid off, with his BTC holdings now worth $1 billion
Bitcoin’s surge continues its recent momentum since reclaiming support at $50,000. According to data from CoinGecko, the flagship cryptocurrency has gained 7% in the past 24 hours. Losses have shrunk to around 5% over the past week.
Among them, cryptocurrency analyst Ali Martinez said that long-term holders were actively buying during the recent decline.
When we conduct a clearing transaction #bitcoin Futures recently fell to $49,000, and long-term Bitcoin USD Holders are buying. They added more than 184,500 #BTC Their investment portfolio is worth approximately $10 billion! pic.twitter.com/zTL04qy8qQ
— Ali (@ali_charts) August 8, 2024
Short Term Outlook
This positive move in BTC comes as XRP leads the cryptocurrency market higher following the latest court ruling in the Ripple v. SEC case. XRP traded above $0.63, helping Stellar (XLM) and other altcoins move higher. Ethereum also crossed the $2,600 mark.
However, XRP is sitting in a key resistance zone, while Ethereum may also have to contend with bearish pressure from a potential sell-off.
“In the short term, Jump Trading continues its ETH liquidation (21,394 $wstETH ~ $63.6 million remaining), and the Plus Token Ponzi 2 ETH wallet has transferred a total of 25,757 ETH ($63.1 million) in the past 30 years. There may be a cap in the short term. QCP Capital Analyst wrote.
Broader markets remained largely cautious as analysts pointed to jitters over the global macro environment and geopolitical tensions in the Middle East. In this case, the cryptocurrency could still see a pullback in a volatile month or so.
