Bitcoin is on a big parabolic curve and it is breaking its all-time highs one after another and setting new ones in the process. Recently, the largest cryptocurrency in the world got as high as $34.8k before coming back to around $34k level. $35k is only a whisker away and it seems like the massive bull run is yet to run out of steam. Bitcoin’s main competing cryptocurrency Ethereum also recorded considerable growth and reached as high as $900 earlier today before receding slightly.
As far as increase in US Dollar is concerned, Bitcoin’s current rally that started from around $19k is now the highest dollar increase the cryptocurrency has ever seen. Over $16k was added to the price index during this massive run starting last month. Yesterday alone, the cryptocurrency rose from $30k to $34k in a matter of few hours later in the day after an uneventful start to 2021 on January 1. However, the cryptocurrency consolidated during the first day of 2021 and went rampant the very next day.
Big buy orders on Coinbase and other cryptocurrency exchanges meant that there was immense buying pressure on the digital asset. Also, the investors seemed to be looking to hold the cryptocurrency for long-term and took it out of these exchanges. This added to the bullish setup and created a buying pressure that resulted in a huge $5k trading candle. Despite the high price of the cryptocurrency, $5k candles are still rare and show massive buying mood within the market.
Ethereum, the second largest cryptocurrency in the world rose almost 20% today to post $900 figure for the first time in more than three years. While Bitcoin is still outperforming its smaller competitor in every term, the rise of Ethereum often triggers the rest of the altcoin market which results in massive gains for many top coins other than Bitcoin itself. The same trend was shown by all top coins including Litecoin, ADA, Bitcoin Cash and others. For many altcoins holders who missed out on the new bull run because of Bitcoin’s sole rise forwards, this may be a chance to recoup some great profits. The alt season has so far been dead in the cryptocurrency world right now but it looks like it might just register a few gains of its own because of the recent Ethereum breakout.
Image source: pixabay.com
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