Last week, the crypto market experienced some wild movements in price, especially that of Bitcoin. However, Bitcoin has recently surged from its dip to make impressive gains. Also, the altcoin market has followed suit with Etherum watching the $1,600 price mark and DOT eyeing $40.
Bitcoin experienced a sharp decline last week as the price dropped to about $43,000 in a matter of days. However, its price started to rally some days back following the resurgence of interest in the flagship cryptocurrency. Right now, the bulls have taken the price higher and have hit the $51,000 price mark.
Yesterday, Bitcoin managed to rise above $50,000, which was its first resistance level, but couldn’t sustain the move. It retraced back to $47,000 where it gathered enough strength for another swing up North. Today, BTC has broken past the resistance level e again to gain about $3000.
Currently, BTC is trading a little above $50,000. If the price should trade well above this level, the next resistance lines are at $52,500 and $55,00. On the other hand, if the price experiences any difficulty sustaining the swing, the next support level is at $47,200.
Total Market Cap for Crypto Assets Still Above 1.5T
The crypto market is not just bullish for Bitcoin alone, but altcoins as well have made some gains. After Ethereum plummeted to $1300 following the huge crypto market sell-off, it has once again risen above $1,600. Cardano’s ADA also recently displaced BNB to become the third-largest digital asset by market cap.
After a 2% rise in ADA’s price, it has clutched to its third position. However, Litecoin is the top performer so far with about a 12% price surge. The total market cap of all virtual assets has remained bullish since it surpassed $1.5 trillion.
