Crypto Market Rally Continues as Bitmine Nears ETH Goal and Strategy Reenters BTC Market

The crypto market is experiencing a rally, with Bitcoin and Ethereum both up significantly in value over the past 24 hours. At press time, ETH trades for US$2,769 (AU$3,887) while BTC trades for US$86,400 (AU$121,364).

Bitmine has continued to buy ETH, adding another 27,562 coins and bringing its total holdings to 98% of its goal of holding 5% of the total ETH supply. The firm's chair, Tom Lee, believes that a crypto bull market is underway, driven by factors such as the rotation from AI back to crypto and strengthening fundamentals.

Strategy has also resumed buying Bitcoin after a three-week pause, purchasing 950 BTC at an average price of US$79,670 (AU$111,849). This brings its total holdings to 846,000 BTC, worth US$73.09 billion (AU$102.6 billion).