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Bitcoin price has continued to make higher highs and now has higher lows on the monthly US dollar derivative.
Bitcoin price is up and has led the crypto market in a slight but vital recovery. The asset exchanged hands at around $42k according to Coinmarketcap and TradingView. Meanwhile, the entire crypto market cap has topped $2 trillion as of reporting time. Well, despite the historical volatility due to speculation, global governments have shown positive thoughts on crypto.
The United States through the Biden administration issued crypto executive orders that support innovation. The Morrison administration in Australia has indicated crypto is the future of payment. Therefore, crypto exchanges in Australia will get a badge of approval to avoid scammers. Elsewhere, El Salvador remains a huge supporter of Bitcoin after making it legal tender last year.
Among other global countries, crypto assets and blockchain technology have been warmly welcomed. Consequently, the crypto market is expected to welcome more users through nationalized adoption.
Nevertheless, the crypto market requires a lot of education for the users. While the DeFi continues to simply crypto use, education is key to helping users avoid scammers. Moreover, anyone can create a decentralized network regardless of the motives.
Bitcoin Price Up and Other Crypto Price Movements
According to data provided by TradingView from Bitstamp, Bitcoin price has gained approximately 572,872 percent from the all-time low. The asset has respected its rising trend since the last bull market began, in late 2020. Notably, Bitcoin price has continued to make higher-highs and now has higher lows on the monthly US dollar derivative.
Although the asset among other top coins has been consolidating, a few exceptions have rallied exceptionally. Moreover, this is the crypto market, which is notorious for extremely high volatility in a short period.
“This week, we could further see an upside momentum in BTC heading towards its resistance zone. ApeCoin has outperformed the market by growing nearly 898 percent, while Ethereum Classic, THORChain, Avalanche, Waves, Aave, Elrond gained decent amounts over the past week,” said Edul Patel, CEO and Co-founder of Mudrex.
The crypto market has mostly followed Bitcoin prices in the past without much outliers. Consequently, long-term crypto traders are accumulating for the next bull market, which could materialize after the next halving. Furthermore, Bitcoin price has rallied significantly a year after the halving event.
Meanwhile, the crypto market may record small rallies as projects compete for top positions. This has been seen in assets like Terra LUNA, AVAX, and Solana.
The competition mostly has been to dethrone Ethereum on its longtime smart contract king. While some offer cheap and fast transactions, others are just hyping from traders. The Ethereum ecosystem is readying for the Beacon Chain full adoption. Notably, the beacon chain uses shards to reduce network congestion. Additionally, the Beacon chain uses proof of stake, which is considered cheaper to run than proof of work.