Bull market boosts the crypto market over the weekend.
It was an important and profitable weekend for most traders. The bulls began a courageous push on Saturday, which peaked on Sunday. This move has led several cryptocurrencies to break their recent resistance. One sixth coin is Bitcoin.
Bitcoin’s rise started on Friday, surpassing the $ 9,500 mark. On Sunday, the currency had tested the highest resistance at $ 9,800 and was approaching violently at $ 10,000. At the end of the day, after Bitcoin briefly retreated below $ 10,000 again, it reached its pace and earlier today it was peaking at $ 10,200.
This movement was repeated among the main cryptocurrencies. But most did not make a recovery earlier in the day. At the time of writing, most cryptocurrencies have returned to the red. The XRP, for example, on Sunday exceeded $ 0.23, but fell to the $ 0.21 range. In short, it looked like the upward trend in the market would be broader, but performance at this point is worrying for most altcoin holders.
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Ethereum reaching $ 500?
One currency that has continued to rise is Ethereum. Arguably, it was the currency that triggered the biggest recovery in the market over the weekend. The bulls are in full FOMO mode, as Ethereum 2.0, which has been waiting for months, is approaching. Today (27), the largest altcoin is performing best among the top ten cryptocurrencies by market cap, registering an increase of 8%. This move brought ETH to the $ 325 mark. Some analysts believe that the current bullish wave could take the asset up to $ 500.
What drives Ethereum, however, is not just the launch of Ethereum 2.0. The popularity of Defi projects has increased and Ethereum is believed to be one of the main candidates for being a leader in this market.
In the coming days, traders will try to hit a higher high and define higher support before a retraction occurs. Ideally, they will hit $ 350, with a retraction as prices go above $ 320.