The cryptocurrency market came out to a good rise last weekend, with the most successful cryptocurrency, bitcoin (BTC), breaking through USD 61k for the first time in a month, Although Ethereum (ETH) has hit the latest all-time high (ATH) versus US Dollar, the dominant intelligent contracting network.
BTC trades crossed earlier in the day at 07:12 UTC and reached USD 60,511.
The price increased by about 5% a day and by over 2% a week.Bitcoin was valued at $61,119.51 in recent trading, up 7.47 percent in the last 24 hours.
At the same time, Etherium value is increased by 4.5 percent in a day, trading at USD 2,165, after reaching USD 2,198, or its latest all-time high record(according to Coingecko), today. In a week, the price has risen by 1.5 percent.
Bitcoin has found its shooting touch again after a spell of declines and stabilization since mid-February and has risen to fresh all-time highs.
According to the CoinDesk 20, the top cryptocurrency by market cap reached $60,000 for the first time this week, and hours later crossed $61,000 to set a record of $61,556.59.
Although it’s unclear if the market action is related, it comes just days before Coinbase, the world’s largest crypto exchange, starts trading on Nasdaq, in one of the crypto industry’s most awaited cases. The listing, which is a sign of the market’s maturation, would likely provide Wall Street traders with their most open bet yet on space’s rise.
Some investors had missed the grand opportunity. In response to a CoinDesk report, Daniel Loeb, the CEO of the $17 billion hedge fund Third Point, admitted to being a holder on Friday. He’s not alone: institutional investors have saturated the markets, blaming themselves for at least part of the 2020-2021 rally.
The prospect of an exchange-traded fund (ETF) with access to the digital asset space being approved in 2021 spurred bitcoin bulls on Friday after the Securities and Exchange Commission (SEC) announced it was investigating ETF giant WisdomTree’s petition.Previously, the regulator reviewed VanEck’s ETF proposal last month and six other firms sent the initial registration forms to launch a regulated Bitcoin (BTC), a managed investment fund (-0.75%).
Over recent months, a wider scope of crypto assets has seen tremendous growth, with developers and market players heavily investing in decentralized digital currency, non-fungible tokens, and altcoin like doge, which peaked eight times a month earlier in February at $0.08.
Since the turn of the year, the world’s second-largest cryptocurrency has increased by more than 175% and by over 1.156% in the last 12 months.
Ethereum is currently trading above the crucial $2,000 support mark, aiming for a weekend high of $2,158.
The Period of lateral pricing consolidation for Bitcoin has caused a great impact on other crypto coins, which resulted in market-wide rallies across most altcoins, including Ethereum, Litecoin, and Bitcoin Cash.
If speculation and excitement will continue until next Wednesday’s list, it is anticipated that Ethereum will build a new all-time peak at around $2,275 for this weekend.