Hassan Maishera
Bitcoin tops $47k
The cryptocurrency market is experiencing a huge surge in performance over the past few hours. This comes after a poor start to the week, with most coins losing more than 3% of their values at the start of the week.
However, they are now turning things around and could record further gains as the market slowly recovers. Bitcoin struggled to stay above the $40k mark earlier this week as the bearish sentiment in the market grew. However, it has recovered over the past 48 hours and is now targeting the $50k mark again.
At the time of writing, Bitcoin is trading above the $47k mark and could soon head towards the $50k resistance level if the rally is sustained over the next few hours. In the event of an extended cryptocurrency market rally, Bitcoin could reach the $55k level over the coming few days.
For Bitcoin to perform excellently, the broader cryptocurrency market needs to participate. The start of the fourth quarter has been so far good and some analysts are confident that Bitcoin could hit the $100k level before the end of the year. For Bitcoin to achieve that price level, its value would have to increase by more than 100% over the next few months.
Altcoins are also rallying
Bitcoin is not the only cryptocurrency that is currently rallying. The total market cap of the broader crypto market topped $2 trillion again following the rally sustained over the past few hours.
Ether, the second-largest crypto by market cap is trading above the $3,200 level after rising by more than 8%. It could now be heading towards the $3,500 over the coming hours and days. Cardano has maintained its price above $2 after rallying by more than 6% in the past 24 hours.
Binance Coin (BNB), XRP, Solana (SOL), Polkadot (DOT) and Dogecoin (DOGE) are all rallying at the moment.
