In today’s article, we’ll be discussing the market capitalization and crypto prices of the week. Bitcoin, the most popular crypto, reached a record high of the year. The coin touched a three-month high of a little higher than $47,000 on Monday, March 28th. This high came after several occurrences impacted the prices of the market. Due to the Russian and Ukraine, the pandemic, and many other factors, the cryptocurrency market went below $35,000 earlier in the year.
The crypto prices of this week:
Bitcoin this morning stood at $46,900.90, according to CoinMarketCap. This was a result of an increase of 4.88 percent. Over the past week, crypto prices have jumped nearly 14.78 percent.
The head of marketing at Coinstore, Charles Tan said. “The recent Bitcoin rally has resulted in the recovery for some crypto investors as bitcoin has hit a three-month high. The massive Bitcoin purchased by Luna Foundation Guard as a part of its plan to create a bitcoin reserve worth $3 billion may have a factor in pushing the bitcoin price to this level.”
ZebPay Trade Desk added. “Bitcoin, after taking multiple support at the rising up trendline, is showing good strength, and the prices are in green for the seventh consecutive day. The asset was facing strong resistance at $45,500. However, the bulls have managed to beat the key level, and the prices are trading above the horizontal trendline and the 200 Day Moving Average. If BTC sustains and closes above $45,500, we can expect the prices to further rally up to $50,000 to $52,000.”
The price of the world’s second most popular crypto, Ethereum, also experienced a jump in value. One unit of the altcoin was trading for $3,315.71, up 5.27 percent in the previous 24 hours. According to CoinMarketCap statistics, Ether prices have risen 15.74 percent in the last week.
Charles Tan of Coinstore went on. “We may expect a slight correction in the prices soon because investors may consolidate their portfolio as we are approaching the end of the quarter and even the end of the financial year in India and some countries.”
Some believe that most investors are comfortable buying when crypto prices reach the $50,000 mark. We’ll have to wait and see what the future holds.