Just after Ether marked its all-time high at $1,555 on 2nd February, now Bitcoin is showing its bullish price surge as it crossed the $35,000 support level and settled at $36,700 recently. According to the cryptocurrency analysts, Ether will soon become the most used altcoin and the second largest cryptocurrency after Bitcoin and investors are already showing their preference for it.
Famous personalities like Tesla CEO Elon Musk, Mark Cuban, and Michael Saylor have shared their opinion on the broader prospect of Ethereum’s blockchain technology which can give advantages to both the investors and developers in its platform. They also mentioned the rising popularity of decentralized finance in recent times. Regarding the Reddit traders’ group WallStreetBets which has become the current phenomenon behind the rising stock price of GME and other unloved stocks, Mark Cuban commented that the future of the crypto stock market will be more dependent on blockchain systems.
Bitcoin Price Surges Along With The Altcoins
According to recent stock values, the major traditional cryptocurrencies like Ether and Bitcoin have seen a bullish price action while meme stocks witness price drop. The unconventional stocks that had taken the market by storm with the help of Reddit group of retail traders i.e. WallStreetBets are now seeing downward price action from the very beginning of February. The stock price of AMC and GME have suffered noticeable losses on 1st February.
But the rising price of Bitcoin and altcoins is drawing the attention of crypto investors recently. Proving all the assumptions of bearish momentum wrong, Bitcoin price rose to $36,700 while its dominance rate in the cryptocurrency market remains at 62.3%. Multiple altcoins like Litecoin, Maker, and Solana also saw a remarkable increase in their price recently. The gross cryptocurrency market capitalization is currently at $1.09 trillion.
