Bitcoin Pushes Higher for a Second Day, Up 9% in Two Days

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Created by TradeOr

3rd Party Analysis 06 May 2021

Key Takeaways

  • Bitcoin advances for a second straight day to reach above $57,000
  • Altcoin remain well-bid, Ether makes a new-all time high

Bitcoin Pushes Higher for a Second Day

The biggest crypto asset, Bitcoin, has been moving to the upside since yesterday, when the price reached a seven-day bottom at $52,900. Bitcoin traders were able to lift the price above the opening level on Wednesday and the token closed up 4%. From yesterday’s low to today’s session high, bitcoin has advanced 9% to $57,600.

Presently, bitcoin is trading slightly below its intraday high as price is gyrating around the $57,000 milestone. The world’s most popular digital currency is yet to break the resistance at $58,000, which has been keeping a lid on the upside swing since bitcoin dropped from its all-time high in mid-April.

Following the historical record high of $64,800, Bitcoin declined 27% and then rose 22% from the bottom at $47,000 to current market price. During that time, bitcoin attempted several times to regain the $58,000 mark but buying efforts fell short and the price remains pressured still.

The Rise of Other Crypto Assets

Bitcoin’s monthly performance continues to be weak as other crypto assets accelerate on the back of increased risk appetite for alternative coins, or altcoins. Ether, the second largest crypto asset by market cap, reached a new record high earlier today. The price of the token used for the Ethereum network jumped to $3,550, marking a 30% increase so far in May. In contrast, bitcoin’s monthly result currently stands at 1.1% to the downside. For the trailing seven-day period, bitcoin has advanced 4%, while Ethereum has rallied 26%.

Dogecoin is another crypto asset that has gained popularity in recent months. The token, initially created as a parody to produce a few laughs, is no longer a laughing matter. The digital asset has caught the attention of the masses which has resulted in a spectacular sprint. This year, the coin is higher by 17,000%, undoubtedly beating all other returns in any market for the same period. Dogecoin opened trading in early January at $0.004 and reached an all-time yesterday, spiking to $0.69, an increase by 17,150%. Tesla chief Elon Musk, largely the person driving the rally, is set to host the Saturday Night Live show this Saturday. During the show, as he confirmed on Twitter, he will do a skit on Dogecoin. The crypto asset currently holds a market value of around $80bn and is the fourth-largest cryptocurrency in the rankings.

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