Bitcoin and Ethereum Near Milestones Amid Market Surge

Bitcoin's Realized Cap hits a new high, while Ethereum's price surges following the Pectra upgrade, marking significant milestones for both cryptocurrencies.

Bitcoin and Ethereum have hit significant milestones amid the market's strong performance, with the cryptocurrency market showing surprising resilience and potential for further gains.

Bitcoin's Realized Cap Hits New High

Bitcoin's recent price performance has had a significant impact on investor portfolios, prompting many to de-risk and take profits, leading to a massive influx of fresh capital into the market.

As a result, Bitcoin's Realized Cap has hit a new all-time high, exceeding $900 billion for the first time in history, according to Glassnode.

This marks a significant milestone in the asset's history, highlighting the substantial value that has been poured into the cryptocurrency over the years.

Bitcoin's price has reached a local high of $107,000, approaching its all-time high of $109,000, which was set in December 2024.

The market has encountered resistance between $102,000 and $105,000, where it has been consolidating over the past two weeks.

The last weekly close of $106,500 is the highest in history, and Bitcoin is currently trading approximately 40% higher over the last six weeks.

Short-Term Holders have also seen one of the sharpest improvements in profitability on record, with spending activity peaking at a realized profit of $747 million per day.

Over the past 30 days, a cumulative total of $11.4 billion has been realized in profits.

Ethereum Surges Following Pectra Upgrade

Ethereum has also seen significant price movement, potentially driven by excitement surrounding the successful Pectra upgrade on May 7th.

The upgrade, which aims to consolidate the validator set and enhance network efficiency, has contributed to a surge in Ethereum's price.

From a low of $1,800, Ethereum's price has rallied to a local high of $2,700, marking a 50% increase within a few weeks.

This surge has also brought Ethereum's price above the Realized Price, which currently stands at around $2,400.

ETH/BTC Ratio Shows Recovery

The ETH/BTC ratio has also shown a resurgence, accelerating to a value of 0.026, which represents an increase of 14.5%.

This indicates a recovery in relative performance between Ethereum and Bitcoin, which could have implications for their respective prices in the long run.

As Bitcoin approaches its ATH and Ethereum experiences a significant rally, the digital asset market continues to show surprising strength and potential for further gains.

However, investors are advised to remain cautious as excessive profit-taking could lead to resistance in the market, and a reversal in the Bitcoin price trend could have far-reaching consequences.