Bitcoin Exceeds R359K for the First Time in Three Weeks

After weeks of stagnation, Bitcoin has surged above R359K, with some maximalists optimistic that it will never fall below this level again.

According to CoinMarketCap data, the world's largest cryptocurrency has increased by more than 4.4% in the last 24 hours, peaking at R372K on Wednesday evening.

However, Ether is currently showing far greater levels of strength. It has risen by 10% in a single day and is now at R27K.

Dogecoin and Cardano are two of the smaller altcoins that have achieved double-digit gains.

BTC hasn't been this high in almost three weeks, but it has managed to avoid a significant drop below R341K during that time. The rise in ETH is most likely due to broader market conditions. The S&P 500, Nasdaq, and Dow Jones are all up for the third day in a row. 

For the majority of the year, the crypto market has shown a close correlation to the stock market; in the last month, it has proven even more resilient, as all three major U.S. equity indices made new lows in mid-October, while Bitcoin and Ethereum stubbornly remained confined within their ranges.

Mixed Bag on Wall Street

The shift in momentum has also been good news for crypto-related stocks, with Coinbase's stock up 13% on Tuesday.

And MicroStrategy, a business intelligence firm with over 130,000 BTC in reserve, was up 11.6% by the close.

All of this suggests that investors are returning to risk assets, with the S&P 500 and Nasdaq both finishing in positive territory.

However, the mood was soured after some of the biggest tech stocks reported disappointing results, implying that equities could fall even further.

Google saw 6% ad growth in the third quarter of 2022, which, while impressive at first, is actually the company's worst performance in nine years.

And it appears that cryptocurrency played a role here, as the search giant has seen a significant drop in revenue from advertisers in the sector.