After the weekend, Bitcoin was in a mint state, moving towards $59K on Monday and Monday, retaining its high-performance cryptocurrency.
Just this past weekend, Bitcoin experienced a slow deflation, first in an unexpected rebound on Friday. As the price of Bitcoin continued to maintain its status as the largest cryptocurrency in its community, and as the price of Bitcoin approached $60,000, things changed on Sunday night. Consider the following factors, which may portray the reserves of the Bitcoin market for the rest of the week.
Growth in demand for Bitcoin
As Bitcoin soared to new highs this week, the price dropped slightly not long ago. Less than two weeks ago, the price of BTC was close to 46,000 USD, but the currency quickly rebounded and is at a historical high-this is a new milestone since February this year. In the past Monday, as people scrambled to buy popular cryptocurrencies, the market saw a fairly active market.
Glancing at buying and selling demand, Binance shows that resistance remains at $60K and above, but this will require bulls to break several sell orders so that the currency can break through its all-time high of $64.5K.
Reflecting the increase last Friday, this is the real increase after buying among spot traders.
Catch up with Altcoins
With Bitcoin’s recent volatility in the market, the newest and hottest altcoin in the crypto space is Ethereum (ETH).Ether/USD Just over $3,000 And it has risen by 28% in the past week, and Bitcoin is only up by 11% over altcoins. As Bitcoin’s market capitalization advantage fell to 47.7%, which was the lowest level since July 2018, the cryptocurrency lost some influence due to its performance.
However, the popular Crypto Chase trader took to Twitter to share his thoughts on the rise of ETH Description “If we see $3500 ETH this week, I wouldn’t be surprised.” Only time can tell where the market is going for the rest of the week.
To learn more about Altcoin’s future opportunities, click here.
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