Bull Run Begins As BTC Rises Above $4000 Carrying The Entire Market Along

The cryptocurrency has been struggling to recover against the USD ever since the BCH fork war. The price of Bitcoin (BTC) reached a yearly low at $3,195. The sell-off was intense and many speculators believed that this was the end of cryptocurrencies. As expected, the fall in the price of BTC was followed by a fall in the price of ETH, XRP, and virtually every other cryptocurrency in the industry. Just when many people had concluded that the price of cryptocurrencies will keep declining into the new year, something happened. BTC started gaining momentum against the USD rising above the significant $4,000 mark.


Bitcoin (BTC) Rises Significantly Carrying The Entire Cryptocurrency Market Along


Ever since BTC fell below $3500, it has been having difficulty moving above this level. Some cryptocurrency experts predicted that the price of BTC will skyrocket if it is able to move above the support at $3700. This morning, BTC started rising against the USD until it crossed the $4000 level.

Bitcoin (BTC) Price Today – BTC / USD
#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$7,934.23
0.321%

At the time of writing, BTC was trading at $4,121.95. This shows that it is up by 6.33% against the USD with a trading volume of $8,242,965,680 and a market capitalization of $71,857,380,724. This is remarkable because BTC hasn’t been unable to cross this line for over two weeks now. It broke the resistance at $4,051 with new resistances waiting at $4,200 and $4,400. If BTC is able to break the $4,400, a long-term reversal will be confirmed.


What Caused The BTC Price Crash?


There have been many speculations regarding what triggered the fall in the price of BTC. While some say the price fell because of the Bitcoin Cash fork war, some others have said the price fell because the SEC did not approve Bitcoin ETF. Some others said that this is the fundamentally correct level of BTC and the price was only above $6000 artificially.

It’s hard to pinpoint a particular cause of the price drop. However, it’s possible that all the factors combined are responsible for the fall in the price of BTC and the entire market. At this point, it is also not clear if BTC has reached bottom. If it has, then there will be no fear of any price crash below $3000 for now.


XRP (XRP) Price Analysis


Right now, XRP is following BTCs lead as it is trading in green against the USD. Unfortunately, it is currently losing momentum. The price is at $0.381557. This shows that it is up by 0.25% against the USD but down by 6.17% against BTC. The trading volume over a 24 hour period is $1,091,052,944 and the market capitalization is $15,553,180,768. XRP is still the second largest cryptocurrency per market capitalization and it is higher than ETH by up to $4 million.

XRP (XRP) Price Today – XRP / USD
#NamePrice24H %
3
ripple
XRP(XRP)
$0.292
1.33%


Ethereum (ETH) Price Analysis


Ethereum (ETH) is trading at $110.37. This shows that it is up by 4.04% against the USD but down by 1.67% against BTC. The trading volume over a 24 hour period is $2,794,009,771 and the market capitalization is $11,468,471,363. The fact that ETH has managed to get back into triple digits is encouraging.
Ethereum (ETH) Price Today – BTC / USD
#NamePrice24H %
2
ethereum
Ethereum(ETH)
$173.29
0.040%

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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