Since October 3, 2021, the price of bitcoin has been showing red indicators. After an exponential decline, investors are all hoping for bitcoin to rise in the coming months. Luck appears to be on their side as the flagship crypto could be on course to post its biggest gain in 9 months.
Bitcoin increase, BTC price explodes during the week
The expansion of crypto assets has been a boon for many investors. With the multiple gains offered by the sector, many people have seen their interest in it. However, the fall in the markets comes to question the capabilities of the crypto industry. Indeed, the price of almost all cryptos has fallen in the last six months and investors are seeing red. However, bitcoin could create a surprise since for the first time in more than a week, the queen of cryptocurrencies exceeds the threshold of 21,000 dollars.
The price of the major crypto has risen around 13% over the past week. Currently, bitcoin is up 5.32% in the last 24 hours and is trading at $21,590. So, if the largest asset by market capitalization continues this momentum, it could register its biggest rise over this period since October 3, 2021.
According to professional trader Michael van de Poppe, all highs have been reached so far. In a July 7 tweet, the crypto trading expert pointed out that the major cryptocurrency must first hold at $20,200 before it hits its next target of $22,500. On July 8, he noted that bitcoin will certainly expect a construction phase before breaking above the 200-day 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, prices are constantly changing. Since the prices of other cryptos follow that of bitcoin, its fall leads to that of other assets. The opposite is also happening and currently the rise of bitcoin is putting the cryptocurrency market back on its feet. Within a week, the market capitalization of the crypto market increased by more than $100 billion.
On July 8, the total capitalization of all cryptocurrencies stood at $960.663 billion compared to $860.040 billion. Thus, the market is apparently on a bullish sentiment. Ethereum is on the rise and is currently trading at $1,200, representing its vital level. With this 7% rise, Ether is gradually approaching its resistance at $1,281.
The rise of bitcoin also affects SHIB. It has also increased by 7% and is trading at $0.000011. This comes right after the ecosystem announced that they would be getting their new reward token and stablecoin. Dogecoin also followed suit. Indeed, the Tesla CEO-backed crypto saw a 4% rally on July 8 and is trading at $0.07.
The rise of bitcoin has a positive impact on all cryptocurrency markets. After long stretches of declines, the major crypto finally appears to be posting its biggest weekly gain since October 3. Most cryptocurrencies seem to be on an uptrend as Shiba Inu, Ether, and Dogecoin have risen since July 8.
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The world is changing and adaptation is the best weapon to survive in this undulating universe. As a crypto community manager at the base, I am interested in everything directly or indirectly related to the blockchain and its derivatives. In order to share my experience and make known a field that fascinates me, nothing better than writing informative and relaxed articles at the same time.
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