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Market situation: sharp rise in the price of bitcoin and ether


Since yesterday, the price of Bitcoin and the price of Ethereum have experienced a sharp increase. Analysts say that apart from the technical situation, the release of positive news has accelerated the jump in the prices of these digital currencies.

to the the report Cryptocurrency market data show that with the price of Bitcoin reaching $ 54,000, the market value of this digital currency has once again exceeded $ 1 trillion. Reaching this range is important because $ 1 trillion is a psychological resistance.

$ 54,400 is the highest price Bitcoin has reached in the last two weeks. Earlier, analysts had predicted a bitcoin price jump in the short term, citing the 34-day moving average.

Bitcoin price chart
Bitcoin price chart

However, fundamental factors have not been ineffective in this mutation. The purchase of bitcoin by the Norwegian company Aker (Aker ASA) has been cited as the main reason for the price to reach its two-week record. The release of Biden’s $ 1.9 trillion support package also contributed to the jump.

The price of bitcoin fell to $ 43,000 on February 28. This is the biggest Bitcoin crash since March 2020.

Ethereum Update and Price Jump

Ethereum Price Chart
Ethereum Price Chart

At the same time as the news of Ethereum’s upcoming upgrade was released, the price of this digital currency jumped significantly and is currently trading in the $ 1,830 range. Prior to that, the price of Ethereum had dropped to $ 1,727 during a correction.

Ethereum Price Chart
Ethereum Price Chart

As you can see in the chart below, the Ethereum price traded above the 34-day moving average before reaching $ 1,800.

In addition to the long-running Ethereum 1559 improvement plan among Ethereum developers, the purchase of this digital currency by institutional investors accelerated its price spike. Chinese company Meitu recently announced that it had bought $ 22 million in ether and $ 17 million in bitcoin. Holding digital currencies is a safer option than cash, according to the company.

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