Bitcoin price climbed above $40,000-mark on Friday, continuing the longest winning streak of world’s oldest cryptocurrency this year. The price of most popular cryptocurrency jumped 23.20 per cent in the last seven days. Bitcoin jumped 0.51 per cent to $40,127.09 at 0805 hours IST on July 30 on coinmarketcap.com Index. The highest 24-hour trading of Bitcoin was recorded at $40,593.07. The virtual currency market retained most of its gains in the last two days.
The second-largest crypto Ether also rose above $2,400-level. The cryptocurrency witnessed a massive surge in the last 24 hours. Ether increased 5.77 per cent to $2,426.73 on Friday, the data from coinmarketcap.com showed. The global cryptocurrency market capitalisation climbed to $1.58 trillion, up 2.34 per cent in the last 24 hours. The crypto market showed stability in the last 24 hours that had remained volatile for the last two months.
“Bitcoin is toying with the $40,000 mark for the past few days. The psychological resistance level keeps the sellers on their toes. This squeeze between the buyers and the sellers is causing consolidation in Bitcoin’s price movements. On the technical front, the daily price chart shows an indecisive candle. It seems that both sides are waiting for momentum to take over the markets. Traded volume has remained steady. So far, it has been a fantastic week for Bitcoin supporters. The largest Altcoin, Ether, is also at a crucial juncture. This weekend might be nerve-wracking for the traders, considering that the markets are closing in on either a breakout or a breakdown. Ripple had a muted day after the brilliant rally yesterday. Most other major Altcoins are waiting for BTC to make a move,” said Edul Patel, chief executive officer and co-founder, Mudrex — A Global Crypto Trading Platform.
Bitcoin rally started this week after celebrity chief executive officer Elon Mush said that Tesla might resume payments in cryptocurrency soon. “I wanted a little bit more due diligence to confirm that the percentage of renewable energy usage is most likely at or above 50 per cent, and that there is a trend towards increasing that number, and if so, Tesla would resume accepting bitcoin,” Musk indicated at Bitcoin conference ‘The B Word’ earlier this week.
Take a look at the top cryptocurrencies and their prices on July 30 (data from coinmarketcap.com while publishing the article):
Bitcoin $40,127.09 0.51 per cent change in 24 hours
Ethereum $2426.73 5.77 per cent change in 24 hours
Binance Coin $321.62 2.66 per cent change in 24 hours
Cardano $1.30 1.92 per cent change in 24 hours
Dogecoin $0.2084 2.11 per cent change in 24 hours
XRP $0.7518 6.26 per cent change in 24 hours
Polkadot $15.38 6.21 per cent change in 24 hours
Bitcoin Cash $539.71 6.45 per cent change in 24 hours
Solana $32.25 16.84 per cent change in last 24 hours
Litecoin $142.54 3.01 per cent change in 24 hours
“Bitcoin has been in the green for the last eight consecutive trading sessions and has surged almost by 39.5% from its recent low. Currently, the asset is trading near the resistance level ($40,000 to $42,500) and is struggling to give a close above the $40,000-mark. To witness further rally Bitcoin needs to trade and close above $42,500. For Bitcoin, Support 1 is at $35,500, Support 2 at $28,800. Resistance 1 at $42,500, Resistance 2 $50,500″ said ZebPay trade desk.