On Tuesday, September 7, Bitcoin continued to surge and hit its highest price level since May 12 this year. Also, Ethereum is still rallying around $4K since last week.
The world’s largest cryptocurrency by market cap spiked 2.25% to $52,887.23 with a 24-hour change of $1,162.24.
Currently, Bitcoin has a market capitalization of $994.73 billion. Additionally, it has a 24-hour volume of $956.15 million with a low of $51,036.73 and a high of $52,912.92.
Bitcoin reached its major resistance level of $52,000 following El Salvador’s presidential office announcing buying its first BTC.
Now that the bulls are back in control, an analyst stated that Bitcoin could increase to its next resistance level of $56,000.
If this happened, bulls could attempt to rise within the area of $60,000.
Another analyst said that this attempt could place Bitcoin in the path of least resistance which has a $100K target by this year’s end. Also, it targets to push Ethereum around $5K.
On another note, the Bitcoin mining sector has recovered after being ousted from China and relocated to other countries.
The Miner Net Positing Changed came back to its neutral area as the previous appreciation in the crypto market made BTC miners secure profits.
According to analysts’ data, Bitcoin users recorded a permanent rise in transaction size.
This suggests that they stayed on the network even if BTC’s price started to decline in May.
Therefore, investors have high levels of confidence to hold their Bitcoin for a long period of price fluctuations.
Ethereum Rallies Towards $4K as Bitcoin Rose
Furthermore, Ethereum, which is the second-largest crypto by market cap, has been rallying for the past weeks.
In August, it rose 35% and it has been climbing 14% in September so far.
On September 7, ETH jumped 0.12% to $3,928.24 with a 24-hour change of $4.55.
Currently, it has a market capitalization of $460.39 billion. Also, it has a 24-hour volume of $708.36 million with a low of $3,868.80 and a high of $3,969.90.
Likewise, Solana soared 21.69% to $173.32 with a market cap of $50.26 billion and a 24-hour volume of $6.90 billion.
Consequently, Bitcoin Cash smashed 3.87% to $773.80 with a market capitalization of $14.66 billion and a 24-hour volume of $3.46 billion.
The same with XRP which gained 3.99% to $1.37. It has a market capitalization of $64.01 billion and a 24-hour volume of $7.14 billion.