Ethereum (ETH) Jumps Above $220, Bitcoin (BTC) Wins Back $10,500 – Market Update

Ethereum (ETH) Jumps Above $220, Bitcoin (BTC) Wins Back $10,500 - Market Update
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The market bulls have turned up right at the end of the week. Their appearance began late on Thursday, seeing a number of cryptocurrencies turn green. At the time, only Bitcoin seemed to record a significant gain.

Today, however, the gains have spread around to nearly all cryptocurrencies and become more significant. Leading the race to the top is Ethereum. Earlier in the morning, this was as high as 6%. The coin has since slowed down and at the time of press is up by 4%. Its gains have seen it climb to trade for over $220.

Other coins which have been recording high gains in the last 24 hours include Bitcoin SV, Monero and Bitcoin Cash. At the time of writing this, they are recording highs of more than 3%. XRP is at the time of writing this recording gains of less than 1%.

Bitcoin Gets Back Above $10,500

Bitcoin began rallying in the late hours of Thursday. Although it remains unclear what triggered the rally, in a couple of hours, the asset quickly climbed from $10K to $10,300. The bulls met some resistance around this position but soon overcame it to climb above $10,400 by Friday morning. Today, the asset has further extended its gains to climb above $10,500.

Some of the reasons that could have triggered the recent rally are the FED’s recent rates cut, scarcity; as we reported yesterday, 85% of total Bitcoin is now in circulation, and the recent spike in Bitcoin searches in Google which has surpassed stocks.

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BTC Price Update

At the time of writing this, Bitcoin is recording a 5% gain in the last 24 hours and exchange for $10,550. Following the latest surge, investors seem to have come back to the top coin as its dominance has climbed to 65.9%. This is expected to ensure the asset has strong support and avoids a huge correction.

If the asset does not rally further than its current position, it should have strong support above $10,300. But with the weekend up next, the asset could easily surge higher and reach $11K.

A few months ago, the weekends were commonly bullish and this one could see the same trend comeback. For this, it is important that there is strong support above $10,500.

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