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Bitcoin (BTC) Price jumps 5%, Prices of Binance Coin (BNB) and Ripple (XRP) Increase more

Bitcoin price experienced a relatively bullish weekend. The BTC price increased above US$60,000 and went on to reach a new high of US$61,100 on Saturday morning. The new high is just below the all-time-high (ATH) of US$61,468 on March 15, 2021.

On Saturday night, the price decreased from the peak by 4% to reach US$58,600. BTC price against the USD again climbed above US$60,000 overnight from Sunday to Monday and is currently approaching US$61,000. Though the reasons for this BTC rally are still unclear, many interesting viewpoints are surfacing.

Justin d’Anethan, the chief commercial officer of digital asset firm Diginex in Hong Kong, said that the Bitcoin price became idle around upper-US$50,000 levels over the past 2-weeks because the investors turned their attention towards the stock markets. However, this scenario has changed this weekend. He said:

“It changed just yesterday when we broke the 60K. Miners did not sell the recently mined coins, reserves hit their lowest level in several years, and a relentless stream of businesses, funds, large and small investors invested in BTC.”

Some analysts also believe that the recent rally in Bitcoin prices is due to the enthusiasm of the largest cryptocurrency exchange in the United States, Coinbase, going public on April 14, 2021. Experts believe that this enthusiasm has brought back the spotlight on the cryptocurrency market again.

However, experts are quick to point out that with the renewed enthusiasm about the cryptic market, Bitcoin is not the best performing cryptocurrency in recent days. They point out the performances of both Ripple XRP and Binance Coin (BNB).

While BTC/USD pair increased by 5.18% in the last 7-days, Binance Coin (BNB) has increased by more than 68% in the last 1-week. Yesterday BNB has increased by over 21%. On Monday morning, the BNB price has set an all-time-high (ATH) at US$578. XRP also performed extremely well on Sunday as it reached US$1.49, the highest level since 2018. On Monday, the XRP/USD pair was down by 1%.

Bitcoin price is currently hovering within a large triangle, a phase of uncertainty in the technical charts. A bullish signal will be triggered once the BTC price breaks above US$62,000. However, a downward slide below the US$57,000 region will trigger a bullish signal as it will go below an uptrend line that is visible since late January.

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