Let's take a look into the crypto market today, looking into bitcoin prices and ethereum prices as well as that of significant performing altcoins.
Bitcoin News
Over the past couple of days, bitcoin has outshone every other cryptocurrency out there. Its price proceeded to break records this week, rising by over 20%. Just hours ago, crypto's poster child broke all previous records to set a new high at $57,851.30. Yesterday it traded above $53,000 but today saw BTC rise by 9% over the course of the day. It scaled $54,000, $55,000 and $56,000 to clinch it's new high above $57,000.
The incredible climax was when bitcoin’s market cap surpassed a record $1 trillion, overtaking companies like Tesla and Tencent. Tweets on Bitcoin hit a new high, too; data compiled by the Block Research indicate that over $670,000 people were talking about bitcoin this week.
Ethereum News
Compared to how well Bitcoin is doing lately, Ethereum seemed to be struggling. The altcoin recently smashed through the $200-billion market cap record. After its recent tries, it finally broke through the $2,000 mark. The price is predicted to drop before making any further attempts beyond $2,000 again.
It's still not a home run for the altcoin because there has been a decrease in trading volume, which could indicate further retest of the $2,000 zone soon. As of the time of this report, it was trading above $1,980. In recent days but did manage to break through this threshold on Monday.
High Interest in DeFi, its recent CME futures listing, and the decreasing amount of BTC and ETH accessible on exchanges are the major factors that propelled ethereum to attain its new record high.
Other altcoin news
In just 24 hours, Litecoin rose by almost 3.5%. This year alone, it has gained by over 88% from its the price of $135 in January. Its market capitalization stood at $16.19 billion, although it remained number 8 on that index. It is currently trading close to $230.
1. Ripple
Ripple has been on the decline recently; it declined by 1.32% today and is currently trading above 0.520.
2. Bitcoin Cash
Bitcoin Cash has declined too. It is currently trading at $688.
In conclusion, it's been an excellent week for crypto. Bitcoin and ether keep on blazing the path, but other smaller altcoins don't disappoint either. Keep trading, keep holding, see you next week.
