After a solid week that saw the whole cryptocurrency market earn more than $300B in one month, BTC leads other cryptos on a bullish attack heading into the weekend. At 4:34 pm, BTC’s daily candle ended at $44,340, surpassing $45K throughout the day. The value has remained on a bullish trend from Monday the previous week, with just a slight correction the previous weekend after it surpassed $42K, a critical resistance level currently huge backing for many traders.
BTC, Ethereum, and Cardano Getting Bullish
For the second week in a row, Ethereum outperformed BTC in terms of price, thanks to the forthcoming switch to a PoS network, which is expected to improve network compliance and scalability. According to Jamie Douglas Coutts, a senior financial market analyst at Bloomberg Intelligence, the Ethereum network following significant, aspirational milestones would certainly stimulate millions of fresh adopters.
Since 14th March, Ethereum has increased by 24 percent, compared to BTC’s 18 percent increase. At press time, Ether was trading at $3,113, having touched $3.2K on 25th March, with the possibility of a price drop to $3K this weekend before starting an upswing.
After cryptocurrency exchanges Coinbase broadened its staking capabilities to incorporate ADA, Cardano climbed to its top standard at roughly mid-February. ADA surged 18.09 percent to $1.18, the highest level in almost 7 weeks. With a 30 percent increase in the last seven days, it’s presently the highest performing investment in the top 10 list.
On the other hand, other cryptos have remained on the benches despite a significant ascent in the last 10 days. AVAX and Solana have risen 12 percent and 15 percent, respectively, since 14th March; similarly, BTC began its ascent after a 2-week sell-off. Despite low mark-ups, others, such as Ripple, Dogecoin, and Shiba Inu, are still stuck in a rut.
Traders are watching the $45K level for BTC, with current market movement indicating that price may break over that resistance shortly and technical indications indicating upcoming strength. Traders who purchased the mid-month dip, although in tiny amounts, should expect some profit-taking around this region.
Cryptocurrency Adoption
With the recent purchase of $10B worth of BTC by Terra and Russia’s possible adoption of BTC for power exports, most believe this week’s announcements by Terra and Russia to be positive for the BTC price. As countries like the United States and the United Kingdom begin to draft legislation for cryptos, signifying imminent universal recognition, the air surrounding regulations appear to be cooling.
Furthermore, the Russia and Ukraine situation has shone a brighter focus on cryptos, eliciting worldwide praise for the convenience and openness they have permitted transactions whenever financial institutions have become overloaded.
