Weary cryptocurrency traders awoke to the sight of green in the markets on May 2 as bulls managed to bid the price of Bitcoin (BTC) above the crucial ‘line in the sand’ resistance at $37,500, while Ether (ETH) briefly traded at $2,800.
The rising price of both BTC and Ether has been accompanied by double-digit gains in multiple altcoins, leading some to speculate that the market is currently experiencing an oversold bounce following the recent downturn.
Price, Twitter and trading volume data. Source: Cointelegraph Markets Pro
The leader of the pack for this most recent rally is once again Dogecoin (DOGE), which rallied 28% to an intraday high at $0.4446 following the June 1 announcement that the token would be listed on Coinbase Pro and renewed Twitter promotion from Elon Musk.
Data from Cointelegraph Markets Pro began to detect the bullish turn for DOGE on May 31, prior to the recent price rise and ahead of the Coinbase Pro announcement.