The Bitcoin Grand Comeback
Bitcoin has made a grand comeback, enabling it to achieve a record-breaking value within the past two months. It registered a price of slightly more than $42,000.
With the exception of Chainlink, the majority of alternative coins have been left behind allowing BTC to continue reigning supreme. Its market dominance has risen to more than 48%.
In the past 24 hours alone, the digital currency has jumped 4.8% to trade at $41,700. Examining the past couple of days, it’s evident that bears attempted to hold the coin’s value in the range of $38,000 to $40,000.
But it wasn’t long before the bulls intervened and the trade volumes registered a sporadic increase of more than 32%, back-pedaling the trend from the previous day.
The most remarkable change was that BTC was able to surpass the resistance level of $41,000.
Ethereum was also on the right track as it continued with its upward trend, advancing past the major resistance of $2,410. At press writing, the coin is trading at $2,455.08, having gained a decent 1.5%.
ETH’s support levels are currently ranging from $2,280 to $2,350. In the past two weeks alone, ETH has recorded an impressive increment of 35%.
This comes just days away from the eagerly anticipated London Hard Fork occasion, which is scheduled to take place live on August 4.
Among the cryptocurrencies that are ranked in the top 10, Uniswap (UNI), Polkadot (DOT), and Litecoin have climbed by 5%.
Chainlink was the biggest gainer, registering an increase of 10% whereas Cardano (ADA), Ripple (XRP) and Polygon (MATIC) plummeted marginally.
BTC also exceeded the 100-day moving average yesterday, signaling that the market is in favor of the bulls as it plans to test the forthcoming resistance levels set at $44,700 and $47,000.