Read top crypto market events on Bitcoin, Ethereum, Ripple, and Altcoins.
The cryptocurrency market value has hit a record $1 trillion in value. This came as bitcoin's value climbed to almost $38,000 per bitcoin, with bitcoin up 7% over the last 24 hours.
Currently, the bitcoin's market value is now nearing $700 billion. Its latest price rally comes after the Democrats won the Georgia runoff elections, giving them control of the U.S. Senate for the first time since 2015.
This could mean a further release of stimulus cash, which could further weaken the dollar's position. As the dollar weakens, investors furthermore flock to bitcoin as a safer investment haven than bitcoin.
According to Cointelegraph Markets analyst Michaël van de Poppe, a "healthy correction" was now getting more likely for the foremost cryptocurrency. It had seemed to be indicating signs of continuing strength during trading the day before. But it suddenly steered north, attaining a new peak of $37,800.
A subsequent retracement had sent the BTC/USD pair focus on the $37,000 level by Thursday, with Bitcoin still within 10% of hitting $40,000. Ether (ETH) gained by 2.3% on the same day as it reached $1,180, while XRP gained by 27% in a surprise move.
Ripple (XRP) is back in fourth place on the market cap, after knocking put Litecoin to hold back its position. It climbed to $0.317 at the Bitfinex exchange, reaching its highest level since Dec. 2020.
The cryptocurrency is still down over 63% after being affected by its lawsuit with the SEC.
Ethereum broke the $1,120 and $1,150 resistance levels after it had formed a support base above $1,100. It is well on a positive note after that. It also broke above the $1,200 level and a close above the 100 hourly simple moving average.
The Fib retracement chart is close to the 23.6% from the $1,109 swing low to the $1,230 high. We also see a critical rising channel forming with support near $1,180 on ETH/USD's hourly chart. At the $1,230 level is a minor resistance.
A clear break above this level could open the doors for a more considerable increase, and we could see the price could easily drift above the $1,250. It's currently consolidating gains and could rise further towards $1,280.
In conclusion, there has been an expectation of some correction on the bitcoin markets. But as more people continue to jump on its bandwagon and as more institutional firms join its ranks, we could see the current trend continue in a bull run.
