Bitcoin, the world’s most popular cryptocurrency, gained over 2% today to trade at $36,910. This is a significant increase since the previous session when it had fallen to its lowest point in nearly six months. Since the start of the year, Bitcoin has lost more than 20% of its value and has nearly halved from its all-time high of $69,000 in November. Second-placed Ether, which is tied to the ethereum blockchain, rose 2% to $2452 while Binance Coin surged 4.5% to $480.
Ethereum gained momentum and rallied back above the $4,400 mark. It continued to tread along an ascending channel pattern and went past the $0.76 level, allowing it to easily break through the $5,000 level. It is still early to call what will happen to ETH’s price, but the gains can only be good for investors. While this is a bullish sign for ETH, it may not be a sustainable trend for it.
The gains in the price of Bitcoin and Ethereum were accompanied by strong gains in altcoins. The price of Shiba Inu, a Bitcoin-based alternative to Dogecoin, increased by over 4% to $0.000021. It also grew in value against the dollar, making it a more attractive investment than Dogecoin. While these gains have been substantial, there is still a risk to ETH’s value.
While there is no clear direction for the price of Bitcoin, Ether, and Cardano are seeing gains today. The price of SHIB is also a sign of strength in the market. It is a good indication that the market is ready for a big move. Despite recent losses, it is crucial to keep an eye on the price of cryptos to monitor the trend closely.
The biggest cryptocurrency by market cap is Bitcoin. It was at $58,590, up over 1%, while Ethereum was up 4% to $4,486. Despite these gains, Ethereum and Dogecoin continue to be the most popular cryptos in the world. Unlike Bitcoin, however, these currencies are not without their share of risks. Therefore, if you are considering investing in these cryptocurrencies, make sure you take your time to research the best ones.
Also Read: 3 Predictions About the Future of Bitcoin in the Next Decade
While the market is up over the past 24 hours, the price of Bitcoin is down more than 0.25% on the day. The price of the cryptocurrency market is unpredictable and it’s important to watch the price closely. In addition, other global administrations have stepped in to stop the crypto-related activity. South Korea pledged to fight against the money-laundering problem with cryptocurrencies, while the Metropolitan Police recently closed a huge bitcoin-related operation.