By Shelly Melancon (Switzerland)
The OG crypto seems to be getting its groove back on the market, as it crossed the $47k mark on Monday after a sharp spike. The largest coin by market cap trades at $47.3k currently after shooting up 5%, marking it the first time it has hit this mark since early January.
The flagship crypto has been trading below $44k for most of the year but broke the mark on Sunday eve when it hit $46.8k. However, it finally peaked at $47.3k in the early hours of Monday, with a market capitalization of $891 billion.
BTC Finally Makes a Significant Move
Experts have long predicted BTC to make a major breakout, but the cryptocurrency market seldom acted in favor of the flagship coin. With the recent move, BTC has broken the resistance level of $45k. It now aims for its 200 DMA of $48k.
As per crypto data analyst Santiment, BTC is back to the $47k level since early January. Since 2022 began, the OG crypto has gone through rough patches of inflation, Coronavirus, and now, the Russia-Ukraine war, but has managed to remain resilient somewhat. Presently, the average return for BTC trading is at a six-week high.
Also read:Glassnode further explains that over 80% of BTC sellers are in gains. This shows that the supply at the moment is solid.
Altcoin Market Soars
The current BTC price surge may have positively influenced the Altcoin market, as it rose 4%. Like BTC, ether rose 4.6% and currently trades at $3.3k. Wu Blockchain shows that the percentage of ETH supply in profit has hit 86.4%, the highest profit margin so far.
Ether has shown to move in tandem with BTC, which is evident in the recent price action. Bitcoin and ether have risen by over 15% WoW, with whale holdings for ETH reportedly on the rise. Experts are optimistic that ether will rise to $8k before the year ends.
ETH isn’t the only altcoin posting strong gains. ADA has been able to sustain its momentum from last week, rallying to $1.17 from $1.10 last week at press time, with a capitalization of $39.5B. The native coin of the Cardano network has been the best performing virtual asset on the seven-day chart, recording a 35% profit.
Experts believe that BTC played a minor role in ADA price. They owe the recent ADA price to the decline of whale selling and the increased growth of the Cardano blockchain. Activity on the network has significantly increased, and recently, the blockchain recorded its four millionth NFT and issued more than a million native assets.
Another altcoin with a significant uptick is LUNA. Terra’s native coin rose 3.5% and trades at $94 as per this publication.
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