Bitcoin’s price could be ending its sideways churn with the price of the world’s oldest crypto currency topping $47,000 (£35,800) this morning.
The price of Bitcoin surged by five per cent last night reaching highs of $47,289 and propelling the global crypto market’s capitalisation to $2 trillion.
The world’s top ten crypto tokens have also received a major boost over the past week with Ether (ETH) climbing 14 per cent to top $3,300, Cardano (ADA) gaining 32 per cent to stand at $1.19 and Solana (SOL) up by 21 per cent at $109.52.
“Bitcoin’s on-chain metrics, which have shown long term holders accumulating over the past few months, are finally proving to be accurate,” commented Marcus Sotiriou, an Analyst at the UK based digital asset broker Global Block.
The amount of Bitcoin held by funds has reached 856,000 (£30.7bn) according to ByteTree data, up from 849,500 at the start of the month. Trade volumes have doubled in the past 24 hours to stand at $36bn according to CoinMarketCap data.
“With all macro headwinds being priced in for the short term, we are seeing some long-awaited relief,” Sotiriou added.
“Bitcoin is facing heavy resistance, but if it is able to hold above the $46,000 level (which roughly marks the yearly open) for several days, I expect a move to $52,000, which is the next key resistance,” Sotiriou said.