The altcoin market seemed to be moving in tandem with Bitcoin for the most part. Following BTC’s inability to break out past $52,000, many altcoins were rejected from important levels of resistance.
The price may face strong resistance at the $1.20 level causing it to stagnate at the level. The correction may cause it to consolidate between the $1.10 and the $1.20 mark.
In what is yet another crucial milestone for Ethereum, the world’s largest altcoin, ETH has now breached the much-anticipated $2000-level across major crypto-exchanges.
Large money management firms like Grayscale Investments Holdings have been known to buy a large volume of cryptocurrency, adding to the buying pressure and setting the price to higher highs.
ETH price has risen because of the rising adoption of Decentralized Finance (DeFi). In less than two years, the total value locked in DeFi has risen from less than $1 billion to today’s $42 billion.
Data from Cointelegraph Markets and TradingView showed BTC/USD passing the $50,000 resistance level again on Wednesday, this time continuing into uncharted territory
The flagship cryptocurrency fell by up to 7.75 percent from its record peak of $49,700, underscoring repeated sell-off attempts as the price eyes a close above $50,000, a psychological upside target.
The ongoing bullish cycle is yet to hit its local top despite Bitcoin brushing shoulders with $48,000 (new record high). Ethereum and Cardano are at the helm of the rally as far as altcoins are concerned.
Cardano price has surged recently because of the overall strong performance of cryptocurrencies in the past few days. This surge started when Elon Musk revealed that Tesla had bought about $1.5 billion worth in Bitcoin.