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October 8, 2022
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Bitcoin above $ 34,000 and Ethereum reaches $ 800

A new year rally in the first weekend of 2021 accelerated on Sunday as major cryptoassets continue to rise, with bitcoin (BTC) jumping above $ 34,000 and ethereum (ETH) exceeding $ 800 for the first time since May 2018.

At the time of writing (06:20 – Brasília time), BTC is trading at $ 34,135 and is up 14.5% in one day and 23% in a week. The price rose 77% in one month and 367% in one year.

BTC price list

Source: coinpaprika.com

At the same time, ETH reached $ 819 and grew 11% in one day and 27% in one week. It jumped 32% in a month and 502% in a year.

The XRP is still in the red, trading at $ 0.22, or 3% lower than yesterday and 24% lower than a week ago.

Meanwhile, BTC’s trading volume has reached $ 63 billion (about $ 30 billion on average last month) in the past 24 hours, compared with ETH’s $ 19 billion. BTC dominance, or the percentage of total market capitalization, almost reached 72%, compared with 70.6% a day ago.

Other top 10 club coins have increased by 3% -14% today.

In addition, today is the 12th anniversary of the first block of the extracted Bitcoin blockchain, also known as the Genesis block.

As reported, BTC “will be on its way to $ 50,000 probably in the first quarter of 2021”, said to Bloomberg Antoni Trenchev, managing partner and founder of the crypto company Nexo.

According to Nichilas Pelecano, head of NEM negotiations:

When any asset goes up in price so fast for a long period of time, I am cautious and I urge anyone who trades BTC not to get carried away by the euphoria


However, he predicts that bitcoin could reach $ 50,000 on Valentine’s Day. “I believe that we are only at the beginning of what will be a huge bull market.

As reported by Sergey Nazarov, co-founder of Chainlink (LINK) in a email sent to Reuters:

It is very likely that the asset will end up exceeding $ 100,000 per currency. People have been losing faith in their government currencies for years, and the monetary policies resulting from the economic impact of the coronavirus have only accelerated this decline.

Also according to an article published by Webitcoin, only 22% of BTCs are currently in constant circulation and available for purchase and sale. However, it also estimated that, in 2021, BTC’s aggregate foreign exchange balance will increase as more holders seek to make profits or trade other cryptocurrencies.

BTC flows in Exchanges

BTC flow in Exchanges
Inflows to exchanges fluctuate with changes in market sentiment. For example, an increase in inflows suggests an increase in selling pressure in the market. Source: markets.chainalysis.com

Meanwhile, interest in BTC continues to grow, according to data from Google.

Source: CryptoNews

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