The world’s largest cryptocurrency surged another 5% on Sunday eve moving beyond $47,000 for the first time in three months. BTC is currently trading 4.93 percent higher at $47,943 with an $891 billion market value as of press time.
Bitcoin has made a major break above the $45,925 resistance level with its most recent move. Bitcoin is now advancing towards its 200-day moving average (DMA) of $48,278 as shown by the candle formation in the chart below.
As on-chain data provider Santiment explains, Bitcoin has recovered to heights above $47K for the first time in 11 weeks. after January 4. Bitcoin has been through a difficult trip of inflation, conflict, and COVID-19 worries in the last three months, but has managed to overcome all of them. as of now, Bitcoin’s average trading returns are at their highest in six weeks.
Furthermore, according to Glassnode data, a whopping 81 percent of Bitcoin issuance is currently profitable.
Altcoin Market show Strong Growth
The recent Bitcoin price increase coincides with a 4 percent increase in the broader crypto market. Alongside Bitcoin, Ethereum is also up 4.67 percent and is currently trading above the $3,300 level. It has been exhibiting signs of moving in tandem with Bitcoin.
On the weekly chart, both BTC and ETH are currently up more than 15%. The whale holdings of Ethereum have been increasing. Additionally, according to Bloomberg’s discounted cash flow model, analysts anticipate the price of ETH will rise to $8,000 this year in 2022.
Other altcoins have also been making a strong rise. Cardano (ADA) has been the top performer on the weekly chart, gaining 35 percent. As of the time of writing, ADA has a market cap of $39.5 billion and is now trading at $1.17.
Terra’s LUNA, on the other hand, is up 3.5 percent and is currently trading at $94 with a market cap of $33.4 billion.
