Bitcoin, along with Etherum and other major cryptocurrency, has continued its increase in market capitalization in six consecutive days. Bitcoin is currently surging beyond $45,000 and is predicted to continue an upward trend in prices.
Bitcoin and other major cryptocurrencies in the market are currently surging.
Bitcoin Price Surge
Bitcoin, the largest cryptocurrency by market capitalization, is reported to have built up more than 15% of market value since March 11 and getting past $45,000 on Sunday, March 27.
Bitcoin surged past $45,000 in less than two hours, gaining more than 4% to reach a three-month high in the process. The famed cryptocurrency's price today is at $47,401. However, it remains well below its $47,740 starting point in 2022.
As reported by Bloomberg, according to Matt Maley, chief market strategist at Miller Tabak + Co., if Bitcoin can continue to break through in a meaningful way, it will gain a significant amount of upside momentum.
Even though weekend trading can be thin, Maley is keeping an eye on an "ascending triangle" pattern that can be seen in the movement of Bitcoin. If Bitcoin's pattern holds right to its movements, Maley would like to see the break above $45,000 hold throughout the week.
In New York time, cryptocurrency prices rose more than 3% on Sunday, reaching about $46,800 as of 6:30 p.m. The long haul price movement of Bitcoin marks the end of a $35,000-to-$45,000 range that had been in place since the beginning of the year.
Nexo co-founder and managing partner Antoni Trenchev stated, "As we test the top of the 2022 trading range for the fifth time, this is another one of these Bitcoin moments when the narrative could swiftly change and investors pile in, propelling the Bitcoin price higher."
In addition, he believes the cryptocurrency will reach $100,000 by the end of June this year. He also offered his prediction, "It might just be time to awaken from the Bitcoin-sideways slumber that's been 2022."
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Cryptocurrency Market Surge
Cryptocurrency, after several weeks of low trading volumes, the market is now picking up speed.
Bitcoin is not the only cryptocurrency surging nowadays. The skyrocketing in prices also affected Ethereum and other major cryptocurrencies.
On Sunday, the second-largest cryptocurrency by market capitalization followed a similar trajectory as Bitcoin, reaching a high of nearly $3,250, its highest level since the beginning of February.
As of writing, Ethereum price today is currently at $3,290.68. The prices of Solana,and Cardano, as well as other altcoins, are also on a positive green. On March 27, Solana's price was at $ 99.13, however, Solana price now is at $105.92.
Dogecoin and Shiba Inu, two popular meme coins, also experienced a spike in prices. Dogecoin is up approximately at 4.14%, while Shiba Inu experienced a 3.89% surge in prices.
The pace of trade sped up after weeks of low volume trading plagued the market.
According to CoinDesk, Joe DiPasquale, the CEO of fund manager BitBull Capital, stated that while trading volumes are increasing, if the cryptocurrency does not maintain its position above the line, it will consolidate lower than it is currently.
The increase in trade volume has been attributed by DiPasquale to buyers trying "to turn this resistance line into support and take further steps up in pricing."
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