After two weeks of trading below $40,000 for more than a week, bitcoin finally made a bold move to regain that desired level. With massive price increases every day from Cardano and Sollana, Ethereum, Binance Coin and Polkadot, the entire crypto market followed their lead.
Bitcoin Prices Rise to $4K
The primary cryptocurrency fell below $40,000 for the first month in a row on January 20th-21st. The asset suffered a lot of losses over the next few weeks and was even pushed to its lowest point since July, which was below $33,000.
Alts with Massive Gains
The altcoins also experience increased volatility as it is a common occurrence when bitcoin experiences enhanced volatility. Just days ago, Ethereum was struggling to stay above $2,000 After another 7% daily rise, Ethereum now trades at the second highest level above $3,000
Since yesterday, Binance Coin and Terra Coin have seen double-digit increases. Cardano and Solana have seen modest gains, as has Ripple, Dogecoin and CRO.
Keep an eye on Etherium
Ethereum price has risen above its 50-week exponentially moving average. This is a solid support level in the 2020-2021 market boom.
Ethereum’s future looks set to surpass $3,500 as it recovers a historic high support level from February 5.
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