Bitcoin price is up more than 32% in the past seven days, its highest level since May, on gains this month on rising institutional interest. The world’s largest and most popular cryptocurrency After rising above Wednesday’s level, it is trading up more than 7% today at $55,109.
Other cryptocurrencies have been performing mixed in the past 24 hours. Ether, the second largest crypto by market capitalization, was hovering around $3,551 by over 1.5%. According to CoinGecko, the price of Cardano, XRP, Dogecoin declined, while Stellar was up over 9% and Shiba Inu was up 78%.
“Bitcoin (BTC) rose sharply to the $55,000 mark on October 6th, breaking out of its verge and the latest descending channel pattern. As per the previous day’s Fibonacci retracement levels, BTC is placing its first support at the $50,850 level. BTC may rise further depending on market sentiment and trading momentum, leading to more buying. Strengthening of dollar index over the past 2 days, overall Crypto markets can erode,” said Siddharth Menon, COO of WazirX.
Meanwhile, according to crypto exchange Kraken, trading volume for bitcoin is two-thirds larger than ether since the beginning of October. Ether, Binance Coin, Solana and Dogecoin have all gained momentum over the past seven days.
Furthermore, Menon said that the altcoins seem to be rather stable compared to the development of Bitcoin and indicate a bearish market overall. “On the other side of the spectrum, Cardano (ADA) is poised to recover from the flagging pattern it recently formed. Benjamin Cowen, a leading crypto analyst, also believes that the potential for ADA price to reach $20 in this cycle However, if Cardano had performed as well as BTC, it could potentially go up to $4.5 and up to $9 if BTC price crosses the $150,000 level.”
The bitcoin rally comes after digital tokens remained under pressure, following unrest around China’s ban on cryptocurrency transactions and El Salvador’s troubled rollout of the digital coin as legal tender. Bitcoin is up 89% so far this year, however, it is still far from its all-time high of around $65,000.
(with inputs from agencies)
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