Bitcoin’s price has soared to a new weekly high of nearly $ 48,000, aided by positive comments from Federal Reserve Chairman Jerome Powell. Most of the alternative coins have made significant daily gains, with the ETH breaking $ 3,100 and the BNB breaking the $ 400.
The increased volatility Bitcoin has experienced in the past few days resumed yesterday. When the cryptocurrency fell below $ 41,000 for the second time in a few days, the bulls pushed it up a few thousand dollars almost immediately.
Bitcoin demands 47k. return
In the past 24 hours, the Bitcoin market seems to have shifted. Bitcoin had dipped below $ 41,000 for the third time since the start of the week on Wednesday, and the situation appeared grim at best. The bulls, like the previous ones, were able to absorb this slump and drive the asset higher.
BTC is now trading at $ 47,585.63, up 10.96 percent at the time of this writing. Coin’s market cap is $ 892,387,364,992 with a 24-hour trading volume of $ 35,328,826,664.
The cryptocurrency even tried to break through $ 44,000 but was stopped. BTC, on the other hand, soared in the hours thereafter and approached $ 48,000. It did so after Federal Reserve Chairman Jerome Powell stated during a two-hour meeting of the House Finance Services Committee that the US had no plans to ban cryptocurrencies.
On the other hand, the alternative coins with larger market capitalization have remained unchanged for the past few days. However, this is no longer the case. Ethereum fell below $ 2,900 and struggled to get back to $ 3,000. However, a 5% daily increase has propelled the second largest cryptocurrency above $ 3,100 at the time of writing.
Cardano fell sharply over the week but is now trading at $ 2.15, up 4.5 percent. Binance Coin, which had shown the best performance the day before, rose 7.66 percent to over $ 400.