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Bitcoin has been the topic of conversation across the finance world as many business tycoons have voiced out their opinions on the digital coin which largely remain positive.
Bitcoin price is headed up after a few days of sideways trading as is Ethereum, which saw a new high after closing above $1,500. Bitcoin has seen green for some days now and looks set to continue after bulls pushed its price to smash a key resistance level of $35,00.
Bitcoin saw its price rise from $33,459 to $35,824 within a 24-hour period and is likely to experience more gains after weeks of consolidation. Bitcoin’s price breakout came just hours after Ethereum recorded a historic feat, breaking to a new high of $1,555 after gaining over 14% in value within 24 hours. Ethereum at press time was trading at $1,536 and is topping off a massive performance over the last 30 days where its price closed above the $1,000 mark for 28 consecutive nights.
The second-largest cryptocurrency by market cap after Bitcoin now boasts of a worth more than $170 billion after its new all-time high. Ethereum’s upward trajectory is expected to continue as increased activity in the derivatives market showed that traders remain bullish on the long-term look of Ether after clear signals that an imminent surge is not very far.
Data on trading volumes from decentralized exchanges showed that Ethereum almost doubled the amount of daily transferred value (more than $19 billion) to Bitcoin in the last 30 days. USDC transaction volume on Ethereum, according to data from Glassnode, has been on the rise over the past year as the digital coin is steadily gaining grounds on Tether (USDT).
Bitcoin and Ethereum Price Movement and Reactions from the Market
Bitcoin’s price breaking above the $35,000 according to some experts was inevitable as its bullish sentiments continued to grow over the last month. Bitcoin has been the topic of conversation across the finance world as many business tycoons have voiced out their opinions on the digital coin which largely remains positive. Elon Musk, billionaire owner of SpaceX and Tesla recently endorsed bitcoin as he included it in his Twitter bio.
Musk, days after his social media endorsement of the biggest cryptocurrency also stated that Bitcoin is really on the verge of getting broad acceptance by sort of the conventional finance people. Other top guns including Mark Cuban, Chris Thomas and Michael Saylor have all remained positive about the future of the digital coin. Cuban has stated that stocks will be on the blockchain in the future, while Chris Thomas revealed that there will be more interest in Bitcoin “if we move solidly above $35,000.”
Bitcoin’s performance just like always again took altcoin along for the ride only that it might have gained some assistance from Ethereum this time around. Many altcoins also saw greens during this period including Litecoin which rose by 13%, Solana by 15% as well as Maker which also saw gains of 15%.
Ethereum’s journey to a new high is also fueled by Decentralized finance which has been the main factor for growth of the Ethereum blockchain. DeFi protocols also reached a new record after data from DeFi pulse showed that over $28 billion in value is locked into Ethereum-based DeFi protocols.