Bitcoin, Ethereum Surge Towards ATH While Nasdaq Sees 10% Correction

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Last Updated on 23 March 2021 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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Both Bitcoin and Ether is pushing through with more than 8% climbs in the past 24 hours as the two biggest cryptocoins are looking for their all-time-highs again.

Over on Wall Street a different picture as the reopening of western economies made sure that investors moved money back into companies which would profit from this, and out of companies that did well during lockdowns.

Tech suffered while the Nasdaq entered official correction territory with a 10% drop since it’s peak.

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Bitcoin and Ethereum break out

Although both Bitcoin and Ether had been mostly trading sideways in the past week or so, the breakout shown in the past few hours show that they are now once again edging towards their respective all-time-highs.

At the time of writing, Bitcoin is trading near $54k again while Ether changed hands for $1,850. Meanwhile Binance Coin is once again back in third spot of the top ten as it overtook Tether and Cardano.

Further down the ranking we see that Chainlink (up 10%) and Dogecoin (up 5%) are doing well.

Nasdaq correction

The $1.9 trillion COVID-19 stimulus check that president Joe Biden’s team agreed over the weekend made sure that investors took their money out of tech stocks that did well during the lockdown, and invested it in travel related industries that they expect to rebound as the pandemic will end.

Michael James, financial analyst at Wedbush Securities in Los Angeles confirmed the trend, saying:

People have been reallocating assets into those sectors. It’s been coming out of growth-tech to fund that those purchases.

The Nasdaq has now dropped 10.5% since it’s peak, reached on 12 February.

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