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Saturday, April 10, 2021

Bitcoin Surges To $38.3K, Ether Marks New All-Time High

Bitcoin’s price soared to an approximate $37,751 on Friday. The cryptocurrency increased by 0.32% within the last 24 hours.

According to the latest data, BTC is below the 10-hour average price but it is well ahead of the moving average of 50 hours.

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While BTC is showing impressive growth, Ether’s recent performance surged to $1,714 on Friday. ETH rose 3.3% in the previous 24 hours.

Bitcoin Shows Steady Bullish Action

The steady upsurge of Bitcoin is going on for a few days. On the fourth day of its accelerating price, BTC stands at $38,332. In this regard, the chief executive of Global Digital Asset, Michael Gord, has stated that the bullish rally of BTC depicts that it is now widely accepted by retail traders making it a mainstream trend in the crypto market.

Gord also said that the attention of investors will shift from BTC after obtaining their profits and they will further focus on options like Ether and other major digital assets.

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But the latest grand investment from Bridgewater Associates surely shows the influence on BTC price rise. An investor from QCP Capital stated that Bridgewater has hinted at a 50% gold investment in BTC which may lead to a greater rise in the price of the cryptocurrency. As a result, it may lead to an estimated price of $85,000 per Bitcoin.

Though the attention of leading investors towards BTC is certainly great news, the price action of it is still unpredictable. The volatility rate of BTC is at 102.9% in 30 days.

While the popularity of BTC and ETH is rising enormously, experts see these two crypto assets in a different light. The racing price of BTC and ETH is becoming more interesting as it hints that investors are gaining profit by selling BTC and moving for ETH.

Nonetheless, the Bitcoin price surge brings better hope for traders. Currently, BTC has 60.01%  dominance in the crypto market capitalization.

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