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

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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.

#Bitcoin is now worth $54,000.

— Documenting Bitcoin 📄 (@DocumentingBTC) March 9, 2021

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

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.

The government is going to push bitcoin to $100,000 faster than any of us thought it would happen.

— Pomp 🌪 (@APompliano) March 9, 2021

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.

BTC went from $1k to $20k.

So will ETH.

— RYAN SΞAN ADAMS - rsa.eth 🏴 (@RyanSAdams) March 8, 2021

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.

Just to put things into perspective: Nasdaq now in correction territory as Tech index has dropped 10.5% from ATH in February. pic.twitter.com/qDknsr8djI

— Holger Zschaepitz (@Schuldensuehner) March 8, 2021

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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