The price of bitcoin has been displaying red signs since October 3, 2021. Investors are all anticipating a rise in bitcoin prices in the next months following an exponential decrease. They appear to be lucky, as the leading cryptocurrency may be on track to record its largest rise in the previous nine months.
Bitcoin price skyrockets this week as it increases
For many investors, the growth of cryptoassets has been beneficial. Many people have shown interest in the sector as a result of the numerous benefits it offers. However, the market decline calls into question the crypto industry’s capacity. Investors are furious as a result of the recent decline in price of practically all cryptocurrencies. For the first time in more than a week, bitcoin, the queen of cryptocurrencies, has surpassed the 21,000 dollar mark, which could cause a surprise.
Over the past week, the price of the most popular cryptocurrency has increased by around 13%. Currently priced at $21,590, bitcoin has increased 5.32 percent in the past day. So, if the largest asset by market capitalization keeps on its current pace, it might have its biggest gain during this time since October 3, 2021.
Michael van de Poppe, an experienced trader, claims that all highs have already been hit. The eminent cryptocurrency trader noted in a tweet on July 7 that the significant cryptocurrency must first hold at $20,200 before it reaches its subsequent aim of $22,500. He stated on July 8 that Bitcoin will undoubtedly have a construction phase before surpassing the 200-day moving average (MA). But only after reaching the peaks.
Well, #Bitcoin, $22.3K was reached and all the highs have been taken for now.
— Michaël van de Poppe (@CryptoMichNL) July 8, 2022
Some consolidation and build-up is required (might retest $20.7Kish) before markets are ready to break above 200-Week MA, which will be a heavy one. pic.twitter.com/yq5XxeE20v
The worldwide crypto market will grow by $100 billion.
The cryptocurrency industry is unstable and perilous. As a result, costs are always fluctuating. Since the prices of other cryptocurrencies track those of bitcoin, its decline affects other assets as well. The surge of bitcoin, on the other hand, is currently helping to revive the cryptocurrency industry. The market value of the cryptocurrency industry rose by more than $100 billion in a week.
The overall market capitalization of all cryptocurrencies was $960.663 billion on July 8 compared to $860.040 billion the previous day. As a result, the market appears to be in a positive mood. Ethereum is gaining ground and is now trading over $1,200, which is a crucial level. Ether is edging closer to its resistance at $1,281 with this 7% increase.
SHIB is impacted by bitcoin’s growth as well. Additionally up 7 percent, it is now available for purchase at $0.000011. This occurs immediately after the ecosystem made an announcement about receiving their new stablecoin and reward token. Dogecoin also did the same. The cryptocurrency sponsored by the CEO of Tesla had a 4 percent increase on July 8 and is currently trading at $0.07.
The price of all cryptocurrencies has increased as a result of the ascent of bitcoin. The major cryptocurrency finally seems to be showing its largest weekly increase since October 3 after extended periods of depreciation. Shiba Inu, Ether, and Dogecoin have all increased since July 8, suggesting that the majority of cryptocurrencies are currently in an uptrend.
