Bitcoin’s price action this morning has surprised many traders as it crossed over $60,000 inching very close to the all-time high. This isn’t surprising as many analysts had predicted a similar move for the flagship cryptocurrency. Glassnode had earlier revealed that the Bitcoin selling pressure was already diminishing.
Although the reason for the price surge remains widely vague, it could be one of the many factors that had been predicted. Glassnode reported that long-term hodlers are storing up their coins instead of selling based on signals from their on-chain metrics indicators. However, Bitcoin is currently trading around $60,658.
Also, the upsurge comes in just a few days ahead of Coinbase’s direct listing on NASDAQ plus there are indicators that the SEC might soon approve the first ETF in the U.S.
Altcoins Soar Amidst Bitcoin Price Rally
The altcoin market has turned green too, following the Bitcoin price surge. Ethereum traded very close to $2,200 for the first time after hitting an all-time high of $2,197. However, Ether has retraced and is hovering around $2,172 as of this writing.
Binance coin (BNB) also made huge gains after posting an all-time high of $484.20. This is quite impressive considering that the altcoin was trading for a little lesser than $50 in January. BNB remains one of the top three best-performing cryptocurrencies according to Coinmarketcap.
Following the Bitcoin price rally and altcoins push, the total market cap of all cryptocurrencies soared above $2 trillion. Currently, the value is sitting around $2.06 trillion.