Bitcoin has now seen a rise that takes it above $42K, as Ether also surpasses $3K for the first time since January 21st.
Leading crypto Bitcoin (BTC) is currently changing hands at $42,747.26 after experiencing a rise above the $40K price level over the weekend. However, the prominent crypto is now down by well over 9% year-to-date, and over 39% off its $69K record high in November 2021.
However, the global crypto market cap surged back to over $2 trillion following a general rally in the prices of digital currencies. For instance, Ethereum (ETH), the second-largest crypto, is currently trading above $3K for the same period. This is the first time since January 21st that the digital currency would be trading above the $3K price level. Furthermore, Dogecoin (DOGE) inched upwards by over 5% to $0.15, while its direct rival Shiba Inu (SHIB) gained over 2% to $0.000029. There were also mixed results in the performances of other tokens. For instance, XRP (XRP), Stellar (XLM), Avalanche (AVAX), Cardano (ADA), and Polygon (MATIC) registered gains over the last 24 hours, while Terra (LUNA), Polkadot (DOT), Solana (SOL), and Binance Coin slipped. Binance Coin is currently changing hands around $419 after sliding by 0.6%.
BTC saw little price movement on Sunday, as there was very light volume involving the coin. This followed a total slump during the week, when the leading crypto’s trading volume was down across major centralized exchanges. In addition, there was also a decrease in spot trading volume for the same period owing to Lunar New Year Holidays in Asia.
Bitcoin Rise Sparks Talks That Another Bullish Rally May Be in The Works
BTC’s upside momentum seems to be swinging to bullish mode after technical indicators revealed oversold levels – the most since March 2020. Generally, BTC bulls have been active over the last 24 hours, and a sustained push above the $40K price level may be enough to reverse the price downtrend, which has been in effect since the November peak. In that time, there have been sporadic instances of price rallies from the bulls, but the sellers have remained firmly in control. However, in the short term, BTC may still also continue to see additional upside. This is because its relative strength index (RSI) on the daily chart is not yet in overbought territory.
Pentoshi, a BTC analyst and trader also weighed in on the leading crypto’s long-term price future following this development. According to Pentoshi:
“Here’s how I see things. As long as $BTC holds 39k…then yearly open up next.”
The yearly open for this year is around the $46,200 price level which seems to be in sight now, considering BTC’s latest price move.
The latest crypto rally also coincides with a rally in US stocks, as the NASDAQ ended the week with gains. In addition, the rise in stocks also boosted the price of other listed crypto assets. For instance, US-based Bitcoin mining company Riot Blockchain gained after announcing that its BTC production more than doubled in January from a year earlier.
Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge.
When he’s not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.
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