Ethereum has renewed its all-time high, and the Bitcoin price has returned to growth. Bitcoin (BTC) has climbed to its highest level since mid-April. Bloomberg analysts believe we are seeing a short-term surge after a week of weakening in trader activity. On Saturday, May 1, Bitcoin jumped in price slightly above $ 58,000. Cryptocurrency capitalization exceeded $ 1.083 trillion. Thus, over the past day, the price of the first cryptocurrency has risen by 7%.
Ahead of the expiration of the April Bitcoin Options, the BTC rate remained stable.
The coin closed last month at $ 54,000, as many observers expected. Derivatives market players have kept the cryptocurrency in a profitable range for themselves. The ascent began the night before.
Impact of SpaceX spaceship launch on Bitcoin
Bitcoin dynamics in the coming days will be determined by the success of SpaceX’s Starship SN15 spacecraft launch. It just so happened that Elon Musk’s achievements are now inextricably linked with the crypto market. It is worth recalling the recent positive reporting by Tesla, which was accompanied by active Bitcoin purchases.
Experts note that while the market is looking up, however, a subsequent decline to $ 40 thousand per Bitcoin is possible.
Bitcoin was the growth flagship last year and early this year, but the focus is now on altcoins.
Ethereum, by contrast, is enjoying the fall of Bitcoin’s dominance. Analysts believe that Ether may soon surpass the $ 3 thousand mark. However, this may turn out to be the same significant and difficult mark for the second cryptocurrency, which turned out to be $ 60 thousand for Bitcoin, having launched a prolonged correction.
At the moment, the cryptocurrency market continues to grow rapidly, and this trend is likely to continue in May. It is likely that most of the top 20 currencies will rise in price, and some will grow at a rate faster than the market. First of all, this should be expected from those currencies in which some technical events take place. They entail the creation of news feeds in the media, and, accordingly, interest from buyers.
Among such currencies, NEO is worth highlighting. At the end of the summer, a hard fork will take place on the network, the result of which will be the launch of the NEO 3.0 update. In fact, NEO will turn into a full-fledged ecosystem and become a direct competitor to Ethereum. Against the background of this news, the coin is already showing growth, but we can say with confidence that this is only the beginning.
It is also worth paying attention to Ethereum. The next fork is scheduled for July 2021, which means there will be additional purchases in May.
The currency of probable growth in May is also UNI (token of the UNISWAP decentralized exchange). At the beginning of the month, the network will be updated to UNISWAP 3.0. As a result of this update, exchange participants will receive a number of additional features (for example, a change in the cost of the commission), which may lead to an increase in the price of the native UNI token.
Now it is important for Bitcoin to overcome the range of $ 56-57 thousand, which acts as resistance, and then the level of $ 60 thousand, from which sales began.
Considering the latest statements by experts, there are no fundamental threats for the risk assets market now. So any decline is nothing more than a correction. The cryptocurrency market, since it also belongs to the markets of risky assets, will continue to gradually recover and then grow. As for Ethereum, the situation here is even more positive. The growth in trading volume and the level of open interest continue to update records, and various projects and directions that appear daily on the basis of the Ethereum blockchain only increase the demand for cryptocurrency. Therefore, it is possible that we will wait faster for the level of $ 3K from Ethereum than $ 60K from Bitcoin.