Bitcoin finally breaks through
Bitcoin has finally gone up, and Ethereum and Cardano are taking off with it. But who shows the best results, and what to expect next: a continuation of the ascent or a pullback again?
Crypto Traders Breathe a Sigh of relief
Last night, prices in the cryptocurrency market finally started to rise, and the total market capitalization of the cryptocurrency rose by 9% from $1.55 trillion to $1.69 trillion.
None of the top 100 prices are in the red compared to 24 hours ago, although many prices are still about 10–20% lower than a week ago.
- Bitcoin (BTC)
Bitcoin (BTC) was moving towards $36,000 for a while yesterday afternoon, but in the early evening it finally broke through and jumped right up to $37,500. Initially, the price there faced a lot of resistance, but after a few hours, Bitcoin was able to overcome this, and rise to $39,000.
Overnight, Bitcoin hovered around the $39,000 mark, briefly peaking at $39,800 before falling to $39,000. This morning, it slowly began to rise, reaching $39,535 at the time of writing, finally once again above the 200-day moving average.
We also see trading volume rising again and there could be a $40,000 test today. Bitcoin has grown faster than most altcoins in the past few hours, with its dominance reaching almost 44%.
- Ethereum (ETH)
Ethereum (ETH) is finally coming out of the downtrend, and last night also made two big jumps up. First from 2350 to 2450 USD, and then to 2550 USD. However, Ether today looks less stable than Bitcoin, and is currently hovering around $2,500.
- Cardano (ADA)
Cardano (ADA) first fell to $1.41 yesterday, but then also made two huge jumps: from $1.41 to $ 1.49, and then to $1.58, which is 12% more. However, at the time of writing, the ADA has fallen back below $1.55.
Decentralized Finance tokens (DeFi) were among the hardest losers last week, but they are now recovering quickly as well.:
- Uniswap (UNI) and Sushiswap (SUSHI) up by 11%;
- Compound (COMP) and Chainlink (LINK) by 13%;
- Aave (AAVE) by 17%;
- Telcoin (TEL);
- Graph (GRT) and Thorchain (RUNE) also rose sharply last night, and are between 17 and 19% in the black.
The hardest hit today was AMP, which rose 22%, and again more than 50% compared to a week earlier.
What to expect next?
It is difficult now to answer this question unequivocally. If you look from the side of the market correction, then there is a healthy process of recovery and consolidation. This means that the correction may still continue until the market finds more powerful support for the breakthrough.
But the most important thing is that some analysts have appeared to be wrong when predicting the upcoming bear market.