Bitcoin Finally Jumps Above $10,000, Ethereum Gains 30% In A Week
Finally, traders breathed a sigh of relief as Bitcoin climbed
Finally, traders breathed a sigh of relief as Bitcoin climbed above the psychological support level of $ 10,000 at the end of last week. Is this the start of a long-awaited uptrend for the flagship crypto asset, and how is the altcoin market doing?
Bitcoin is back in business
Trading sessions closed last week with clear signs of the start of an uptrend for many cryptocurrencies. On June 26, the price of Bitcoin jumped to the level of 10,135 dollars, the growth of a crypto asset of 2.3% was most recorded. But the flagship cryptocurrency could not hold on to this top and roll back to the $9,900 level.
This event signals that the flagship cryptocurrency has not lost its grip and is ready to fight for the price range in which it was before the March collapse. Crypto analysts see in this price movement a positive trend and the prospect of finally overcoming the price trap that Bitcoin has been in for more than 2 months.
At the time of publication of the article, the market capitalization of Bitcoin estimates at $182 billion. Of course, 2020 was a test of strength for Bitcoin: the crypto asset continues to be the leader in the crypto market, but the level of dominance has decreased compared to 2019 and is 61%.
Altcoins rush forward
Despite its price jump, Bitcoin is inferior in market performance to many altcoins, for which the stagnation phase of the flagship crypto asset was the time to build up technical strength and reach new highs. First of all, Ethereum took advantage of this chance. As of today, the price of ETH has reached $ 307, thereby demonstrating an increase of 3.6%. It is a record value for this crypto asset over the past year.
The market indicators best demonstrate the situation in the crypto market: over the past 7 days, the price of Ethereum has risen by 30%, while Bitcoin has grown by only 8%. Although Ethereum continues to be in second place after Bitcoin in terms of market capitalization, analysts see tremendous potential in Ethereum’s stable bull movement.
Other altcoins that closed the trading session with an increase were Elysian (61.02%), Egretia (EGT 31.50%), Elrond (ERD 25.12%). The altcoin pump last week signals the growing interest of crypto market participants in alternative cryptocurrencies. Analyzing the market performance of altcoins, many experts agree that the second half of 2020 could be the season of altcoins and extreme upward price movement of tokens.