ETHBTC Recovers to May Levels; BitGo to Become NEAR's Custodian

Chart of the Day 

On Tuesday, the crypto market rose alongside U.S. stocks in a broad-based rally amid growing speculations about the markets reaching an imminent bottom as investors assessed the outlook for earnings. BTC broke above the $23k barrier and reached a local peak near the $23.8k level before heading for a downward correction. As of the time of writing, the largest cryptocurrency by market cap is attempting to reclaim lost grounds at $23.5k after posting a 6% gain in the last 24 hours. A bullish trend line with the support level near $22.7k is taking shape on the hourly chart, while BTC's technical indicators have flipped green, suggesting that bulls are gaining pace, at least in the short term. 

However, BTC's 20% gain over the past week pales next to the performance of ETH, which has seen its price blasting through the $1,600 handle with a nearly 50% jump over the same period. If the current momentum is sustained, ETH bulls may even eye the $1,800 mark in the near future. Meanwhile, the ETHBTC pair has skyrocketed by 40% to reach 0.07, a level last seen in mid-May before the implosion of some of the largest names in the space. However, here is a cautionary note if history is of any indication. The bear cycle in 2018 saw a 75% rebound in the ETHBTC pair before the price of ETH nosedived unfashionably to a quarter of its peak value.