Cryptocurrency Update: Bitcoin Surpasses $50k, ETH Above $2,650, Top Altcoins Surge

Cryptocurrency Update: Bitcoin Surpasses $50k, ETH Above $2,650, Top Altcoins Surge
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For the first time since December 2021, Bitcoin has risen above $50,000, sparking a global boom in cryptocurrency.

With the macro bullish sentiment supporting the cryptocurrency values, Ethereum and other altcoins are also gaining.

Digital assets like BEAM, SUPER, ORDI, and WIF are leading the cryptocurrency pack as analysts project skyrocketing price expectations.

Cryptocurrency Update: Bitcoin Surpasses $50k, ETH Above $2,650, Top Altcoins Surge

On Monday, the Exchange ETF Conference got underway in Miami. ETF specialist and Bloomberg analyst Eric Balchunas claims that the focus of attention at the big event has been on the recently introduced Bitcoin spot ETFs.

The price of bitcoin fell 22% after hitting a top of $49,000 in January when the ETFs became active, but the bulls intervened at $38,500. 

Subsequently, the trailblazing cryptocurrency has been undergoing a V-shaped comeback, ultimately surpassing the $50,000 threshold on Monday.

Ethereum (ETH) is currently trading at $2,650 on Tuesday following a small decline from the $2,688 daily high.

The rising demand for ERC-404 coins, which include elements of ERC-20 and ERC-721 tokens, is responsible for the ETH increase.

BEAM is now one of the most well-known altcoins among the top 100 cryptocurrencies, rising 13.7% in the last day.

When it tried to break through the $0.03 resistance on Tuesday, the price of BEAM reached its highest point ever.

This resulted in a 5.41% increase on a daily basis, driven by a break-out from the falling triangle pattern.

Ethereum, the second-largest cryptocurrency by market capitalization, is likewise doing remarkably well.

Read More: Affordable Alternative to $100 Solana: Discover a SOL Rival at Just $0.11

In the upcoming days, the ETH/USD chart suggests a retest of the January highs, or roughly $2,720. It is possible for the price to increase beyond this point and reach the $3,000 mark.

A decline below $2,600 might represent a worthwhile purchase opportunity.

With an 87% increase from the beginning of February 2024, SUPER stands out among the top 200 altcoins by market capitalization.

Cryptocurrency Update: Bitcoin Surpasses $50k, ETH Above $2,650, Top Altcoins Surge

The recent announcements of alliances with significant players in the market like Polygon, BEAM, and Layer Zero, along with the expectation of a big announcement later this week, are responsible for this incredible increase.

The native component of Superverse, a GameFi initiative aimed at increasing the uptake of web3 gaming, is called SUPER.

Inspired by the well-known mainstream game Among Us, the project now has a closed beta version of their AAA game, Impostors.

The SUPER/USD weekly chart indicates a robust upward trend, with a potential retest of $1.38 in sight.

Disclaimer: The information provided is for educational and informational purposes only. It does not constitute financial advice, and you should always conduct your research or consult with a professional before making any investment decisions.

Cryptocurrency Update: Bitcoin Surpasses $50k, ETH Above $2,650, Top Altcoins Surge

Techno Tropics

Techno Tropics is a passionate tech enthusiast and the voice behind it, a leading source for daily updates on AI, big data, analytics, and cryptocurrency. Stay tuned for the latest tech news and insightful analysis.
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