Bitcoin Hits $30,000, Ethereum, Dogecoin Rise on Investor Optimism – MicroStrategy (NASDAQ:MSTR), Coinbase Glb (NASDAQ:COIN)

Major coins were trading in the green on Monday night, signaling a rise in investor optimism.

What Happened: Bitcoin BTC/USD, the world’s largest cryptocurrency by market capitalization has now risen above $30,000. This is the highest level seen since early June, reflecting a broader rally in cryptocurrencies that began at the beginning of the year.

A growing number of bank runs have raised concerns about the reliability of centralized banking options, causing a surge of interest in cryptocurrencies. Just since the beginning of 2023, Bitcoin has gained 79%, with Ethereum ETH/USD follows close behind with a growth of 59%.

At the time of writing, the global crypto market capitalization was $1.23 trillion, up 3.85% in the last day.

Despite minor swings, US stocks ended the day relatively flat, with the S&P 500 up modestly by 0.10%, while the Nasdaq Composite saw a small drop of 0.03%.

Meanwhile, investors in the crypto sector had reason to celebrate as leading companies, including Coin base COIN and Micro strategy MSTRexperienced significant increases of over 7.5%.This coming week, markets will be closely watching the March CPI report, eager for indications that inflation is continuing its recent downward trend.

See more: Best Crypto Day Trading Strategies

News Highlights: Investors are closely watching Ethereum’s upcoming Shanghai upgrade, which is expected to take place on April 12. This event is seen as potentially bearish for crypto markets since it will allow users to unlock staked ether and sell it in the open market.

Analyst Notes: Edward Moyasaid senior market analyst at OANDA, “Despite broad weakness across most risk assets, Bitcoin continues to hover above the $28,000 level. Bitcoin Hodlers appear to remain uncertain that the Fed is likely to deliver a rate hike to and that the US economy is headed for a recession this year. It seems many traders are convinced that the dollar’s days are numbered as it will slowly lose some of its preferred reserve currency status and that crypto will be one of the beneficiaries.”

“It’s somewhat impressive that Bitcoin is slightly higher on a day that has stocks, oil, gold and high-beta currencies down around half a percentage point. Bitcoin’s ceiling remains at the $30,000 level, and how it behaves when trading north of that will determine whether the next big bull phase is upon us, he added.

Data analysis platform Sentiment, has identified a potential catalyst for the recent Bitcoin price pump. While there is no guarantee what caused the price jump, Santiment has highlighted a group of 11 Bitcoin transactions that occurred today, with all transactions identical in size to 2,000 BTC, and all going to completely new addresses. These 11 massive Bitcoin transactions are believed to be a significant contributor to the recent surge to the celebratory $30k level.