Aofex

Bitcoin Price Finally Clears $56K Level, Set for Even More Big Gains

UTC by Tolu Ajiboye · 3 min read
Bitcoin Price Finally Clears $56K Level, Set for Even More Big Gains
Photo: Depositphotos

After flirting with the $56K threshold last week, Bitcoin price begins the week on a new high, successfully crossing over the mark.

After encountering some resistance at the $56K level last Friday, Bitcoin finally crossed that psychological threshold to begin the new week, setting its sight on its all-time high. Any further resistance levels it runs into at the moment, may be little more than a blip. Analysts say BTC price is likely to hit the $60K level, where it might then experience a slight pullback. They however explain that this pullback is normal for correction in a bid for further upward price movement.

Despite Bitcoin $56K Clearance, Most Altcoins Are Struggling to Register Gains

Despite BTC’s recent and steady price surge, the same cannot be said for altcoins which are struggling to make gains. According to Gadgets360’s crypto price trackerEther’s valuation seemingly remains unchanged in the last 24 hours, with only a 0.73% uptick. The second-largest digital currency started the week at a valuation of approximately $3,698. This is on the back of a commendable climb last week. However, Ether is yet to register as bullish a rally as Bitcoin has, although its value has climbed in recent weeks.

In addition, other altcoins, including CardanoRipplePolkadot, and Uniswap all recorded rough starts to the week. Dogecoin, most notably, continues to slip up too after a sharp surge early last week. The token experienced a 3.95% dip to trade at 0.24%. Meanwhile, its direct rival Shiba Inu, is up 1.92% as at press time.

Edul Patel, CEO and co-founder of Mudrex weighed in on the recent crypto development across the board. He stated:

“Over the past 24 hours, the crypto markets have experienced steady growth. The largest cryptocurrency by market cap – Bitcoin continuing its massive rally and is eyeing a profitable session in the next 24 hours.”

Patel further stated that traders pay close attention to the markets. His reason being that “the RSI is at 62 and the fear and greed index is at 71.”

Cryptocurrencies Still Experiencing Mixed Reception in Different Parts of the Globe

In September, China imposed a blanket ban on the trading and mining of crypto assets. In fact, the Eastern country’s central bank pledged to purge what it perceived as ‘illegal’ crypto activities. Hence crypto mining is now on the list of industries in which both local and foreign investments are prohibited.

Conversely, mainstream and institutional acceptance of crypto assets seems to show no signs of slowing down in the West. For instance, American banking giant JPMorgan issued a statement to investors citing BTC as a better hedge against inflation than gold. Bitcoin devotees have long touted that the digital asset boasts better and quicker returns than gold. Furthermore, they also say lots of people tend to prefer BTC as a store of value. However, an equally large number of people are also hesitant about making the switch given Bitcoin’s volatility. There are also others who argue that the popular crypto still does not have a clear growth trajectory.

Bitcoin News, Cryptocurrency news, News
Tolu Ajiboye
Author Tolu Ajiboye

Tolu is a cryptocurrency and blockchain enthusiast based in Lagos. He likes to demystify crypto stories to the bare basics so that anyone anywhere can understand without too much background knowledge. When he's not neck-deep in crypto stories, Tolu enjoys music, loves to sing and is an avid movie lover.

Related Articles
By October 23rd, 2021
Bitcoin NewsCryptocurrency newsFunds & ETFsMarket NewsNews Valkyrie Bitcoin Strategy ETF, Second Bitcoin Futures-Linked ETF: Trading Starts
By October 23rd, 2021

Valkyrie has announced the launch of its Bitcoin Strategy ETF (BTF), becoming the second of its type in the US. The Bitcoin futures ETF began trading on the 22nd of October after receiving approval from the US Securities and Exchange Commission (SEC). The new ETF is focused on tracking the value of Chicago Mercantile Exchange (CME) Bitcoin […]