Key Takeaways
- Bitcoin climbs above $47,000, while ether gravitates toward $3,400 per coin
- The broader crypto market has seen a steady recovery following last week’s flash crash
Bitcoin Trades Above $47K in Its Third Day of Winnings
Bitcoin keeps climbing on Wednesday for its third straight session in the green. The market sentiment has brightened in recent days, following the steep drop last Tuesday, the day El Salvador officially rolled out bitcoin as its national currency.
Early on Wednesday, bitcoin spiked to a session high of $47,400 and is currently trading slightly above $47,000 per coin. Over the last three days, the price of bitcoin has advanced almost 9% from a Monday low of $43,400.
Still, the price remains far below its monthly peak of about $53,000 reached last week. Crypto proponents, however, consider this dip to be an opportunity to buy into the leading token. Bitcoin bulls remain confident the price will continue to rise given the strong fundamentals and positive outlook for the orange coin.
Today’s performance, if bitcoin manages to hold near current price levels, will put bitcoin above the 200-day moving average, a move that would signal the upside swing could continue.
Ether Floats Near $3,400 amid Broader Move Higher
Ether, on the other hand, has also been climbing in recent days. For the past two trading sessions, the second most valuable cryptocurrency has added more than 3% to current market price of $3,390. Earlier in the session, the Ethereum token reached a three-day high of $3,450 per coin.
Following the hoax news that Litecoin will be accepted for payment at Walmart, the Litecoin token remains pinned near $180 after sliding from $230 two days ago. Dogecoin, the cryptocurrency token created as a joke and favored by tech billionaire Elon Musk, is keeping steady near $0.24, up about 1% on the day.
The broader crypto market has climbed to a valuation of $2.1tn today as crypto players are aiming to produce another move higher in the valuation of major cryptocurrencies.
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