Bitcoin price has been showing red indicators since October 3, 2021. After an exponential decline, all investors are hoping for Bitcoin to rise in the coming months. Luck seems to be on their side as the flagship crypto could be on track to post its biggest gain in 9 months.
Bitcoin rises, BTC price explodes over the week
The expansion of crypto assets has been a boon for many investors. Given the multiple benefits that the sector offers, many people have taken an interest in it. However, the fall in markets is calling into question the capabilities of the crypto sector. In fact, the price of almost all cryptos has fallen in the last six months and investors are seeing red. However, Bitcoin might surprise as the queen of cryptocurrencies crosses $21,000 for the first time in more than a week.
The price of the major crypto is up around 13% over the past week. Currently, Bitcoin is up 5.32% in the last 24 hours and is trading at $21,590. Thus, if the largest asset by market cap continues this momentum, it could record its biggest rise over this period since Oct. 3, 2021.
According to professional trader Michael van de Poppe, all highs have been hit so far. In a July 7 tweet, the crypto trading expert indicated that the major cryptocurrency must first sustain itself at $20,200 before reaching its next target of $22,500. Daily moving average (MA). However, only after reaching peaks.
$100 billion more for the global crypto market
The crypto sector is unstable and dangerous. As a result, the prices are constantly changing. As other cryptos’ prices follow Bitcoin’s, its fall leads to that of other assets. The opposite is also happening and currently the rise of Bitcoin is bringing the cryptocurrency market back on its feet. In a week, the market cap of the crypto market increased by more than $100 billion.
On July 8th, the total capitalization of all cryptocurrencies was $960.663 billion compared to $860.040 billion. Thus, the market appears to be in a bullish mood. Ethereum is on the rise and is currently trading at $1,200 which is its vital level. With this 7% surge, Ether is gradually approaching its resistance at $1,281.
The rise of Bitcoin is also having an impact on SHIB. It is also up 7% and is trading at $0.000011. This comes right after the ecosystem announced that it will receive its new reward token and stablecoin. Dogecoin also followed suit. In fact, on July 8th, the Tesla CEO-backed crypto saw a 4% rally to trade at $0.07.
The rise of Bitcoin is having a positive impact on all cryptocurrency markets. After long stretches of decline, the major crypto finally appears to be posting its biggest weekly gain since Oct. 3. Most cryptocurrencies appear to be in an uptrend as Shiba Inu, Ether, and Dogecoin have all surged since July 8th.
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The world is changing and adaptation is the best weapon to survive in this hilly universe. As a grassroots Crypto Community Manager, I am interested in everything directly or indirectly related to the blockchain and its derivatives. To share my experiences and to publicize an area that fascinates me, there is nothing better than writing informative and relaxed articles at the same time.
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