The price of bitcoin has jumped to a weekly high of nearly $ 45,000 amid positive news from US Fed Chairman – Jerome Powell. Most alternative coins have also marked substantial daily gains, with ETH rising above $3,100 and BNB jumping to $400.
Bitcoin Eyes $ 45K
The tides appeared to have turned in the cryptocurrency space over the past 24 hours. On Wednesday, bitcoin had dumped below $41,000 for the third time since the start of the week, and the situation looked grim at best.
However, the bulls managed to intercept this drop just like the previous ones and pushed the asset north. As reported yesterday, this resulted in BTC exceeding $43,000.
The cryptocurrency even attempted to break above $ 44,000 but was initially shut down. However, BTC shot up in the hours after and neared $45,000. It came shortly after U.S. Federal Reserve Chairman Jerome Powell told a two-hour meeting of the House Financial Services Committee that the country had no plans to ban cryptocurrencies.
As a result, bitcoin spiked to its current level, which is the highest it has been in a week. As a result, its market capitalization increased to $ 850 billion.
Alts See Nothing But Green
Most larger-cap alternative coins remained stagnant in the past few days. This is not the case now, however. Ethereum had fallen to $2,900 and struggled to reclaim $3,000. However, a daily increase of 5% has taken the second largest cryptocurrency to over $ 3,100 as of now.
Cardano also dipped hard during the week but currently stands at $2.15 after a 4.5% jump. Binance Coin, which was the best performer yesterday, continues to impress again with an 8.5% increase to over $ 400.
Ripple (4.5%), Solana (6%), Polkadot (7.5%), Dogecoin (3%), Terra (11%), Avalanche (1.5%), Uniswap (9.5%), and Chainlink (6%) are also well in the green.
Other gains are evident from the OMG network (23%), VeChain (21%), Qtum (19%), Tezos (15%), IOTA (11%), THORChain (11%), AMP (11%), Arweave (11%) and ICNE (10%).
The cryptocurrency market cap has increased by roughly $100 billion and is just shy of $2 trillion.
