Bitcoin Hits $57,000 As Altcoins Show Strength
The fortunes of Bitcoin continue to soar high, as the cryptocurrency has now continued in the bullish run of last year to squash the rumors of price depreciation. Bitcoin has recently spent the last two weeks hitting several all-time highs. From crossing the $45K mark to $50K and now the digital assets sight is now on $60K, it recently hit $57k barely 24hours ago.
The cryptocurrency has continued on its upward price rise in the last week, which has seen the most valuable cryptocurrency gain by 21%. Bitcoiners and many analysts are optimistic about the cryptocurrency hitting the $100K mark soon, even before the predicted end of the year.
A look at Bitcoin versus Ethereum
Bitcoin is not the only token in the cryptocurrency market currently gaining strength, as Ethereum is beginning to pull the weight. Ethereum’s position as the second most valuable cryptocurrency in the Blockchain space is undoubted, as the leading altcoins continue to outperform every other altcoin. Ethereum has spent the year surpassing several ATHs, and of recent, just crossed the $2,000 mark. The token earlier in January outperformed Bitcoin when Bitcoin struggled to gain ground as the year started.
However, Ethereum’s success cannot be derailed by a 9% drop in prices to about $1,808 in today’s prices, as the altcoin giant has now gained more than 10% in a week. Many analysts predicted that Ethereum would likely rival Bitcoin at the beginning of the year, a claim looking like a fallacy considering the growth of Bitcoin and price difference in both assets.
However, the lack of institutional adoption of Ethereum is believed to be behind the asset’s dwindling price, despite its network backing the young DeFi space, amidst a host of other pluses to the cryptocurrency space. Alternatively, the case with Bitcoin is different from Ethereum, as the institutional adoption of Bitcoin continues to be on the rise, with many individuals and businesses committing their treasury to the digital assets more than any other cryptocurrency in the space.
Bitcoin’s popularity places it ahead of other altcoins
While many believe that the rising prices of Bitcoin are the likely reason why the assets are being flocked around by investors, a few analysts disagree. The popularity and social influence of Bitcoin across several spheres of business and many parts of the world took the attention of many other altcoins, whose performance has been remarkable.
Altcoins like Polkadot’s DOT have quite been remarkable in performance, having gone up by 5% in the last 24hours and currently trades at about $40. Binance BNB token is also now the third-largest cryptocurrency by market cap, as the altcoins have gained more than 120% in 7days and currently trades at about $280. Uniswap’s UNI is another altcoin other than Ethereum, pulling weight.
The altcoin has moved up by a whopping 21% in prices in less than 24hours, as it currently trades a little above $30. However, the attention Bitcoin is gaining will likely leave the altcoins in the mud. As the cryptocurrency continues to push the $60K mark, analysts believe it will cross easily this week.