Bitcoin Price Hits $40k As Crypto Rally Continues

Feb 6, 2021 | Decrypt News | 0 comments

bitcoin-price-hits-$40k-as-crypto-rally-continues

The price of Bitcoin has jumped 8% over the past 24 hours to highs of $40,415. The cryptocurrency has increased by 16.21% over the past week.

Bitcoin is now at its highest price since the sudden drop to lows of $31,500 on January 27. That drop followed Bitcoin’s all-time high of $41,946 on January 8.

Today’s high price is the continuation of a rally that began at the start of the week. On Monday, the price started picking up from about $33,600.

Bitcoin’s 24-hour trading volume today hit $74.3 billion, up by 17.34% from yesterday’s $61 billion.

ETH and XRP also up

Other cryptocurrencies are also on the rise.

Ethereum’s price, $1,687, marks a daily increase of 1.82% and a weekly increase of 25.42%. Yesterday, the coin broke another all-time high of just over $1,720.

XRP reached $0.43 today, an increase of 0.14% over the past 24 hours. The cryptocurrency increased by 44.91% this week.

On 1 February, XRP’s price jumped to highs of $0.75 after 295,000 traders on a “Pump and Hold XRP” Telegram group coordinated to pump the price. But the pump, and the success of it, was short-lived. The membership of the group has dipped to 165,000.

Earlier this week, Bloomberg’s senior commodity strategist Mike McGlone said that Bitcoin has entered a consolidating bull market. He estimated that $50,000 is the “initial target resistance” level.

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.

News Source from Decrypt.co

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