Bitcoin continues to send other cryptocurrencies on a bullish offensive that heads into the weekend after a strong week, with the entire crypto market gaining well over $300 billion in the month.
On Friday, Bitcoin’s daily candle closed at $44,340 after tapping $45,000 earlier in the day. The price has been in a bullish trajectory since last Monday, with only a minor retracement last weekend after the price touched $42,000, a vital resistance that is now a strong support for most traders.
On the other hand, Ethereum is also on the move, surpassing Bitcoin for the second consecutive week as it appears to have found a catalyst in its impending upgrade to a proof-of-stake network aimed at improving network interoperability and scalability. . “The Ethereum network’s next big, ambitious milestone is likely to catalyze millions of new users,” wrote Jamie Douglas Coutts, senior market structure analyst at Bloomberg Intelligence earlier this week.
In that regard, Ethereum is up 24% compared to Bitcoin’s 18% rise since March 14. At the time of writing, Ether is trading at USD 3,113 after a brief touch of USD 3,200 on Friday, with the price forecast to fall back to USD 3,000 this weekend before resuming the bullish trend. the table.
Cardano rose to its highest level since about mid-February after crypto exchange Coinbase expanded its betting offerings with ADA.
ADA rose about 18.09% to hit $1.18 — a level not seen in seven weeks. It is currently the best performing item in the top ten with a 30% increase in the last 7 days.
That said, other cryptocurrencies are left waiting on the sidelines, after a successful rebound over the past ten days. Since March 14, which roughly coincides with the time Bitcoin started rising after a two-week sell-off, Solana and AVAX are up 15% and 12% respectively. Others like DOGE, XRP and SHIB remain in a slump, albeit with weak profit margins.
As of now, traders are keeping an eye on Bitcoin’s $45,000 area, with recent price action suggesting the price could soon break above that resistance with technical indicators signaling incoming strength. Small profit-taking in this area is also expected for traders who bought the mid-month dip, albeit in small amounts.
An announcement this week that LUNA’s Terra is buying about $10 billion worth of bitcoin, as well as Russia’s viable adoption of bitcoin as payment for its energy exports, is also seen by many as a bullish catalyst for the price.
The air around regulation also appears to be cooling as countries like the US and UK move to Sketch regulations for cryptocurrencies, signaling an incoming global adoption.
In addition, the crisis between Russia and Ukraine has shed more light on cryptocurrencies, sparking worldwide admiration for the ease and transparency with which they have facilitated transactions when traditional financial institutions became overwhelmed.