Rise of Cryptocurrency

Cryptocurrency Price Today: The global cryptocurrency market has been in the green zone for the past few days, and Tuesday was no exception. The global cryptocurrency market cap was standing at $2.15 trillion at the time of writing this article, as per data from CoinMarketCap, as all major crypto coins gained on the day. Bitcoin rallied past the $47,000 mark again on the day after while Ethereum neared the $3,500 mark. The high volume of traded coins also encouraged investors to invest in this asset, with the amount of the same going up by 18.38 per cent over the day.

Bitcoin price was standing at $47,566.40 at the time of writing this article, according to data shared by CoinMarketCap. This was up by as much as 1.35 per cent over the last 24 hours. In the past week, Bitcoin price has risen by 12.63 per cent after a fall over the previous months. On Monday, Bitcoin prices hit a three-month high and the rally continued on Tuesday.

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“Bitcoin and other major altcoins have been able to hold their gains despite the global geopolitical worries as the regulation proceedings are supporting the market sentiments, which are overall improving. Some market metrics are signaling some fresh positive signals," said Kunal Jagdale, founder of BitsAir Exchange.

Ether prices, too, rose by 2.71 per cent in the past 24 hours, standing at $3,408.88 at the time of writing this article. Over the last week, Ether prices have risen by as much as 14.23 per cent.

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“Eth is currently trading in green with about 2.5 per cent increase in the last 24 hours. If the prices sustains above the current level we can expect a rally towards the psychological level of $4,000 after facing some resistance. But if it goes down then buying in the dips are in the picture too. The bulls will again try to move up the asset," said the ZebPay trade desk.

“Both BTC and ETH are up by over 12 per cent in one week, but we’re seeing a lot more momentum in the altcoin compared to the Bitcoin. The ratio of the price of ETH to BTC or ETHBTC is up to 0.071, from 0.065 two weeks ago. This shows that ETH’s surge is stronger than Bitcoin. Historically, when this ratio rises, it’s a good indicator of a stronger market," said Darshan Bathija, CEO and co-founder of Vauld.

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