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Ethereum surges and Bitcoin continues to rise

The cryptocurrency market is enjoying a wave of green following a price push from the two dominating tokens.

Ethereum broke out yesterday to bag a new all-time high of $1,555 USD. This comes just after Bitcoin broke the $35,000 USD barrier of resistance.

As the leading altcoin surged, the price of the market saw an overall increase in value too. With Bitcoin and Ethereum leading the rally, most of the cryptocurrencies across the industry are seeing waves of green. Not only is the market green, but the prices are increasing at an impressive rate, with tokens enjoying more than 10% gains in the past day’s trading.

Source: Coin360

Ethereum price

Over the past day, Ethereum has spiked by over 11% to see its all-time high record broken. Having traded between $1200 USD and $1350 USD, seeing a breakthrough past $1500 USD is a bullish sign for the leading altcoin. Looking at the chart and comparing Ethereum price to Bitcoin’s, the trend of increase is clear that the first few days of February have been mostly kind to Ethereum, while Bitcoin took a slight knock before recovering.

 

Source: CoinMarketCap

Analysts and experts on cryptocurrency

Technology experts and reputable figures have been vocal about the industry recently. Elon Musk, who has never been one to shy away from making cryptocurrency chirps, has been involved in conversation around the space. As reported, he recently took to private media platform to offer that he’s a “supporter of Bitcoin“. According to Coindesk author Dan Held and British broadcaster Stephen Cole, the Tesla CEO stated:

“I think Bitcoin is on the verge of getting broad acceptance by conventional finance.”

As Musk pointed to Bitcoin in a positive light, the market responded accordingly. With a fanbase and following, Musk’s influence is strong on the market and the cryptocurrency shot up by nearly 15% within 30 minutes when the tech expert put the word “Bitcoin” in his bio. If figures similar to the Tesla CEO continue to encourage Bitcoin, we might see another rally on the cards.

 

Posted: Feb 03, 2021 Author: Becky Categories: Coin News