Bitcoin (BTC) has surpassed $45,000 for the first time since May 2020. The virtual currency has been in a bear trend from May until July. Bitcoin’s price has moved from $58,700 to $29,800 in just some months. However, in recent weeks, Bitcoin has been moving higher and it was able to reach the highest price since mid-May.
Bitcoin Surpasses $45,000
Bitcoin surprised Europe this morning as the digital asset surpassed $45,000 during the night. Bitcoin has been usually bearish during weekends, but this seems to have changed in recent weeks. The largest cryptocurrency in the world was able to surpass $45,000 for the first time since May this year.
According to data provided by CoinGecko, Bitcoin surged to $45,240 and it now stabilized close to $44,750. This shows that the digital asset continues to be in a bull trend despite the recent bearish months that it experienced.
Investors are now looking at the $49,000 price level as this could be a region with strong resistance to Bitcoin. In the past, this price worked as support for BTC and it helped the digital currency remain above $49,000 for several months.
A few months ago, Bitcoin surged to over $64,000. This was the highest price ever reached by Bitcoin in history. Many investors are waiting for the price of the largest cryptocurrency to get closer to $64,000 in the coming months. However, this remains to be seen as we are close to $45,000.
If we take into consideration the Fear & Greed Index, we see that the market is now in “greed” mode. We are now at the highest level in weeks. It might also be possible to soon experience a short correction from investors that purchased BTC at lower levels.
With Bitcoin’s expansion, we also see that other virtual currencies have also been expanding. These digital assets include Ethereum (ETH), Cardano (ADA) and Litecoin (LTC), among others. Ethereum, for example, surged to $3,130 registering a price increase of almost 24% in just 7 days.
Litecoin, instead, moved to $155 per coin with a price increase lower than other digital assets at 6.5% in the last 7 days. Furthermore, Cardano is getting closer to $1.50 per coin as the virtual currency registered a 24.7% growth during the same period of time as Ethereum and Litecoin.
Most of the virtual currencies are now registering gains among the top 10.