Bitcoin reached $38,000 while Ethereum hit a new all-time high of around $1,700, taking the total capitalization of the crypto market to a record $1.150 trillion. According to CryptoPotato, the weekly rise in Bitcoin came after custody wallets belonging to institutional investors withdrew about $500 million worth of BTC from Coinbase on Monday.
- Bitcoin calmed at around $32,000 last week but started to gradually increase, breaking from the consolidation triangle yesterday to hit an intraday high of about $37,000.
- Analysts believe Bitcoin has a few obstacles in its way towards $40,000 as technical indicators suggest resistance lines at $38,620 and $38,900.
- Besides Bitcoin and Ethereum price rise, most other alternative coins recorded substantial gains, including Polkadot, which reached a new all-time high after an over 20% surge.
- UMA was the most impressive gainer in the past 24 hours, surging 115%, and the token is up 220% in the past seven days.
- Ripple and Binance Coin gained 1% and 3%, respectively, as Chainlink, Bitcoin Cash, and Cardano retraced slightly.
Major cryptocurrencies are currently declining. BTCUSD is down 0.31%, ETHUSD is down 2.19%,
