Bitcoin is ending the week on the upside giving investors and enthusiasts some relief. It may be ready for a shift to the $23,000 level. The popular cryptocurrency has managed to sustain above $20,000 throughout the week.
At the time of writing this article, BTC has been up by 0.24% in the last 24 hours and is trading at $21,267. Ethereum has gained nearly 5%. It’s changing hands at $1,212, as per data from CoinMarketCap. Ether has made more gains throughout the week compared to the world’s favorite Bitcoin.
ETH gained 12.48% of its value in the past week, while BTC made gains of just 4.14%. This reflects Bitcoin’s high volatility. Experts say it still needs to invalidate the downtrend by breaching above the crucial $31,000 which is a long trajectory away from Friday’s $21,200 market value. If Bitcoin falls, it could plunge to the $16,800 mark. Ethereum price shows an interesting volume pattern – there is subtle turning in favor of the bulls. ETH should have no problem surpassing the $1,420 mark if the market conditions are genuine. It could also see $1,535 in the short term.
As for the altcoins, Polygon MATIC is the biggest winner of the week. It saw price gains of 54.85% in the last seven days. Solana gained 36.55%, Shiba Inu 33.96%, and Avalanche AVAX is up by 30.64%. It has proven to be a fruitful week for the altcoins. Ripple’s native token XRP is also racing ahead despite the SEC lawsuit. XRP surprised sleeping bulls as it rose 16% in just a few short hours. This comes amid Ripple’s plans to hire 100 new employees to bring forth the next phase of their blockchain solutions.
Craig Erlam, Oanda senior market analyst, says the weekend could be another testing period for the cryptocurrency despite the resilience shown in the week. He believes the support still looks somewhat shaky below and another break could see confidence in the space being really put to test.