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The price of bitcoin has hit a weekly high of nearly $ 45,000 amid positive news from US Fed Chairman – Jerome Powell. Most alternative coins also marked substantial daily gains, with ETH surpassing $ 3,100 and BNB rising to $ 400.
Bitcoin eyes $ 45K
The tides appeared to have turned in the cryptocurrency space over the past 24 hours. Bitcoin had fallen below $ 41,000 for the third time since the start of the week on Wednesday, and the situation looked grim at best.
However, the bulls managed to intercept this drop just like the previous ones and pushed the asset north. As reported yesterday, BTC has crossed $ 43,000.
The cryptocurrency even attempted to break above $ 44,000, but was initially shut down. However, BTC shot up in the hours that followed and approached $ 45,000. It came shortly after U.S. Federal Reserve Chairman Jerome Powell told a two-hour meeting of the House Financial Services Committee that the country had no plans to ban cryptocurrencies.
As a result, bitcoin hit its current level, which is the highest in a week. As a result, its market capitalization increased to $ 850 billion.
The alt see nothing but green
Most of the larger cap alternative coins have remained stagnant in recent days. This is not the case now, however. Ethereum had fallen to $ 2,900 and was struggling to recover $ 3,000. However, a daily increase of 5% has taken the second largest cryptocurrency to over $ 3,100 as of now.
Cardano also fell sharply during the week, but currently sits at $ 2.15 after jumping 4.5%. Binance Coin, which was the best performer yesterday, continues to impress again with an 8.5% increase to over $ 400.
Ripple (4.5%), Solana (6%), Polkadot (7.5%), Dogecoin (3%), Terra (11%), Avalanche (1.5%), Uniswap (9.5%) and Chainlink (6%) are also well in the green.
Other gains are evident from the OMG network (23%), VeChain (21%), Qtum (19%), Tezos (15%), IOTA (11%), THORChain (11%), AMP (11%), Arweave (11%) and ICNE (10%).
The cryptocurrency’s market cap has grown by around $ 100 billion and stands at just under $ 2,000 billion.
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