The crypto market is bouncing back from the lows of January with Bitcoin climbing to as much as $44,000. BTC recorded its highest level since January 5 when it had struck the highs of $47,013.
Ethereum has also crossed the $3,000 mark is as per CoinMarketCap, the world’s second most popular crypto is trading at $3,139. Ether has been up by 2.69% in the past 24-hours. It has gained significantly, nearly 15%, in the past seven days.
Altcoins are in the green and recording impressive gains. In the past 24-hours, Cardano, Terra, Shiba Inu, and Polkadot have seen gains between 2% to 4%. Dogecoin and Avalanche are the biggest gainers.
Meanwhile, stable coins – USD Coin, Binance USD, and TerraUSD are in the red. Small tokens, such as Helium (HNT), Theta Network (THETA), The Sandbox (SAND), and UNUS SED LEO are seeing red as well.
SHIB has gained more than 20% in a day and Ripple XRP about 13%.
Despite the impressive gains, the overall crypto market remains bullish. Investors are seeing this as an opportunity to secure profits and reposition themselves. Analysts believe BTC has a major challenge at $45,000 as it is a resistance level. If BTC crosses this, the popular crypto will climb to $47,000 and beyond. There will be no looking back if the market is conducive and feels similar sentiments.
Traders remain bearish.