The crypto market is vast and has seen several other digital assets make their entry after the first-ever digital asset, Bitcoin. Even with the launch of several assets, none of them have been able to topple Bitcoin over the years, save for second-placed digital asset, Ethereum, which has been doing wonderfully well in the market.
Presently, Bitcoin still boasts of the best performance, with the digital asset currently trading around $40,000 while Ethereum just broke over and is safely trading above the $1,100 price mark. Yesterday was indeed a remarkable day for leading digital asset, Bitcoin as the bulls acted in favor of the coin to break yet another all-time high record.
Bitcoin saw a bearish run before the all-time high
Bitcoin breaking a new all-time high yesterday didn’t come easy as the digital asset had to endure as the bears toyed around with it the day before. With the digital asset seeing a declining run of about 8%, market factors propelled by various traders and investors were able to push the coin above its previous price, breaking several resistance figures in the process.
With Bitcoin officially making its way above the $40,000 to trade around $40,382, the digital asset has now turned, breaking the all-time high record to a regular thing. This sort of thing has not been witnessed in the market, which further supports the case that Bitcoin is the first and the best form of investment that every trader and investor whoops consider.
Even though major traders were okay with the new all-time high record, others were jittery and have moved to liquidate most of their Bitcoin holdings to take their profits before another massive bearish run occurs. Experts have also cautioned traders to be careful if they are to buy the asset at this stage because it could spell trouble when it eventually goes through a price correction.
Ethereum currently seeing the dip
With several new traders and experts claiming that Bitcoin could go all the way, others have noted that several on-chain analysis says that the digital asset will see a correction in the coming days. Notably, Bitcoin has accrued a massive 40% profit since the beginning of the year, which has just been eight days.
Bitcoin has always banked on the fact that traders and investors are buying more, so the price will continue to rise. While others are watching Bitcoin and its price movement like a hawk, other traders are affixed on Ethereum and what the digital asset might say next.
Ethereum is currently trading around $1,448, but analysts believe that the position may not hold for long, and the digital asset might see a slight correction to trade at its support of $1,400. Despite Ethereum getting out of 2020 as one of the best performing digital assets, it has been unable to shake off the shadows of Bitcoin.
With Ethereum not hitting its all-time record last year, the coin has continued pushing to hit the figure, and analysts believe it might soon hit the figure. Presently, Ethereum has been taken over by the bears, and only the traders in the market would be able to revive the asset