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Market Wrap: Bitcoin Surges To $55K as Ether Hits New All-Time High

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  • After last week’s carnage, Bitcoin makes up lost ground
  • Ether also doing exceedingly well
  • Situation still fluid but sentiments positive

It is good news generally for cryptocurrencies, and after a week of mayhem, all the major currencies are gaining ground. Bitcoin, which endured the worst carnage last week and hit as a low as $47,272, has made up the losses to a large extent and stood at Over $55K. Ethers price also hit new heights, and the crypto dominance is back to February levels.

Bitcoin values were up Tuesday despite lower-than-average spot volumes. Ether’s price hits record high, and the crypto’s dominance is back at February levels.

Despite lower than average spot values, Bitcoin (BTC) values stood steady at $54,840. It represented a growth of 1.4% over the previous 24 hours. It is a bullish signal for most market observers. At one point, the values of Bitcoin hit $55,261 around 17:00 GMT before settling at $54,840. It could indicate that the world’s number one crypto coin could be heading higher by market capitalization.

According to CoinDesk, Bitcoin stood at $56,000 on April 20. It had reached the all-time high price of $64,829 on April 14.

Bitcoin’s historical price the past month

A sea-saw of fortunes after BTC values reached their nadir at $47,272 on Sunday. However, most experts feel that this is quite normal. 

Coindesk.com quotes Chief financial officer for investment firm Ether Capital, Stefan Coolican, who said that weekend sell-off was overdone and, therefore, the bounce-back was just routine. For Tuesday, exchange volumes of BTC were $2.6 billion, which is lower than the past three months’ average of $5.1 billion of BTC changing hands daily.

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