The cryptocurrency price surged today as the price of bitcoin surged above $41,000. The world’s largest and most popular cryptocurrency rose more than 2% to $41,386. According to CoinGecko’s pricing, the value of the global crypto market today has risen 2% to $2 trillion in the past 24 hours.
“The daily trend for BTC looks encouraging as it continues to move bullish within an ascending channel pattern. Based on the recent trend behavior, we can expect an upward move in the coming days. Next resistance is $$ 48,600 and immediate support for BTC is expected at $37,600,” said Siddharth Menon, COO of WazirX.
Ether, on the other hand, is the coin linked to the Ethereum blockchain and the second largest cryptocurrency also jumped more than a percentage point to $3,094. Meanwhile, Dogecoin price is up more than 3% to $0.14 today, while the Shiba Inu jumped nearly 2% to $0.000025.
Other digital tokens mixed in as Avalanche, Cardano, Solana, Polkadot, Stellar, Uniswap, Polygon, Terra, Litecoin were trading with gains over the past 24 hours, while XRP, Tether were almost flat.
Bitcoin has been struggling as a risk asset in recent months. It traded largely between $35,000 and $45,000 this year as the Federal Reserve began raising interest rates amid stubbornly high inflation.
Analysis by data provider Glassnode shows that interest in bitcoin remains muted, with a slight increase in the coin’s user base and minimal influx of new demand. According to data from CoinMarketCap, the share of bitcoin in the market has dropped from 65% at the beginning of 2020 to almost 40%.
(with inputs from agencies)