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Bitcoin price has made a break to $ 39,100 and is still booming

Over the past 24 hours, Bitcoin price has made a break to $ 39,100 and is still booming. The whole cryptocurrency market was excited, and the other cryptocurrencies also recorded strong gains.

bitcoin-price-has-made-a-break-to-39100-and-is-still-booming

BTC/USD 4-hour chart | Source: TradingView

Ethereum shines to occupy the market wave as Bitcoin price gradually recovers

At press time, Bitcoin is trading around $ 39,188, up 5% from 24 hours ago. BTC is below 10 hours but above the 50 hours moving average on the hourly chart, a sideways signal for market technicians.

Bitcoin price is currently on the fourth day of the uptrend.

Michael Gord, chief executive officer of trading firm Global Digital Asset said:

“Similar to the last bull run, we are seeing Bitcoin initially attracting attention from the retail channel through attention from the mainstream channel.”

However, Gord said that traders are pivoting from Bitcoin to other cryptocurrencies.

Gord said:

“Bitcoin then cools, and the profits generated by Bitcoin will find themselves on Ethereum, followed by other high-market capitalization digital assets.”

Investors are certainly looking for cryptocurrency as an asset, but Bitcoin is still quite volatile; The 30-day volatility from the end of Thursday is 102.9% every year while gold is at 16%.

However, crypto proponents view Bitcoin and Ether (ETH) as similar to different asset classes, according to Joel Edgerton, chief executive officer of crypto exchange BitFlyer USA:

“My prediction is that BTC is like gold and is priced by the value it stores, a commodity that is scarce in price discovery.”

The whole market was excited, green covered digital currencies, especially high-cap ones like ETH, DOT, LINK, DOGE. Notably, some middle-cap coins also received significant price increases such as POLS, GLM, KMD, ARK all increased by 20% or more.

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