The cryptocurrency market’s performance has improved over the past few hours as Bitcoin, Ether, and other leading cryptos are in the green.
Monero’s XRM is leading the way in terms of performance as it hit a new all-time high of $688 an hour ago, adding 17% to its value in the last 24 hours.
Ether has reclaimed the $3,100 level and could rally higher in the near term as the bullish momentum in the market increases.
BitMine purchases 24k Ether to bring total holdings to 4.17 million
BitMine Immersion Technologies announced today that it added 24,266 Ether to its balance sheet last week, lifting its holdings to 4,167,768 tokens as of Sunday.
The purchase pushes BitMine’s share of ether’s circulating supply to 3.45%, with a goal to ultimately corner 5% of all tokens.
However, according to BitMine’s chairman, Thomas Lee, the company’s ability to continue accumulating ETH depends on shareholder approval to authorise new equity issuance.
If the shareholders don’t approve, BitMine could be forced to slow its buying over the next few weeks.
“We need to pursue this increase now as Bitmine is soon to exhaust its current 500 million authorisation. And when that happens, our ETH accumulation will slow,” Lee added.
A shareholder vote will take place on Thursday. 50.1% of the votes will be needed to approve the proposal to proceed.
Following this recent acquisition, BitMine’s total assets, including crypto, cash, and strategic investments, surged to $14 billion last week, boosted by ETH’s price surpassing $3,100.
BitMine also increased its cash reserves by $73 million to $988 million. The company holds 193 bitcoin and a $23 million stake in Eightco Holdings.
Furthermore, BitMine also staked over 1.2 million of its ETH, which allows it to earn revenue on its holdings.
ETH eyes $3,500 as crucial support level holds
The ETH/USD 4-hour chart remains bearish as Ether has lost 3% of its value in the last seven days.
At press time, ETH is trading at $3,133, up by less than 1% since Monday.
The technical indicators remain bullish, suggesting that buyers are still in control.
The Relative Strength Index (RSI) of 54 is above the neutral 50, indicating a bullish bias.
The MACD lines are also within the positive territory as buyers remain in charge.
If the bullish trend strengthens, ETH could surge towards the next major resistance level and Transactional Liquidity (TLQ) at $3,300.
An extended bullish scenario could see ETH reclaim $3,500 for the first time since November 13.
However, if the market undergoes a correction, ETH could retest the Thursday low of $3,038. The next major support level stands around the $2,900 region.
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