BTC Over $ 56,000, Ether Follows It!

Bitcoin Is Over $ 56K And Ether Is Following BTC's Rally.

While Bitcoin briefly held above the $ 56,000 key resistance level on Friday, Ether is slowly catching up with Bitcoin's gains.

Bitcoin (BTC) is trading around $ 55,512.76 at the time of this writing. It has recorded an increase of 6.60% over the last 24 hours.

BTC is trading above its 10-hour and 50-hour averages on the hourly chart, which is considered a bullish signal according to market technicians.

Bitcoin has been gaining volume on eight major crypto exchanges since the beginning of February.

"Demand is largely higher than supply, thanks to the insatiable buying desire of ETF exporters, closed-end funds, and large public institutions that add Bitcoin to their positions," said John Willock, CEO of digital asset exchange Blocktane. said. "I'm sure we won't see a big crash after 2017." he added.

While the 10-digit market cap potentially transforms Bitcoin from a magical internet coin into a largely recognized investment asset, it also poses psychological difficulties for some buyers who can sell some bitcoin for profit.

However, many people would describe Bitcoin as digital gold after the start of the coronavirus epidemic. As Bitcoin skyrocketed, physical gold has depreciated from the beginning of the year to the present.

Ether (ETH), the second largest cryptocurrency by market cap, rose on Friday and traded around $ 1,951.37. At the time of writing this article, it rose 0.63% in 24 hours.

Factors such as corporate interest and the rapid growth of decentralized finance (DeFi) also raise its price, as the all-time high of ether is seen as a result of the fluctuation of bitcoin.

However, most of the conversations in the altcoin market focus on BNB, the local token of Binance, the # 1 crypto currency exchange by spot trading volume. BNB ranked third behind BTC and Ether with its performance.

Some investors said that after BNB completes its rise, it may return to its old love.