The cryptocurrency market has been largely green this week after several days of struggling. On Monday, Bitcoin was trading near the support at $42,000 but crossed above the major resistance level of $44.500 on Thursday. The rally did not stop there; data from CoinGecko shows BTC changing hands for $48,483 as of this writing. The current price represents a 12% 7-day increase.
But why is Bitcoin surging again? According to some crypto analysts, big investors (whales) are the main drivers of the latest rally. They argue that more and more whales have been accumulating Bitcoin over the past few days. For beginners, whales are individuals or companies holding 1,000 Bitcoins or more.
Meanwhile, other analysts say Bitcoin is growing in value due to the reduced selling pressure from Grayscale. Since the United States Securities and Exchange Commission approved ten Bitcoin ETFs, BTC’s price has been declining as a result of increased selling activity from Grayscale Bitcoin Trust investors who were converting their shares for Bitcoin and cashing out the digital asset.
Ethereum Developers Announce Release Date for “Dencum” Upgrade
Ethereum, the world’s second-biggest cryptocurrency by market cap, has posted massive gains this week. It’s up 9.7% to trade at $2,531. Ethereum developers have finally announced the date for the most awaited network upgrade known as “Dencum.” According to the developers, Ethereum will handle more transactions per second when Dencum goes live on March 13th.
Solana Experiences Network Outage
Solana was in the limelight this week as the network suffered an outage on Tuesday, causing SOL’s price to dip by 5% that day. Solana developers blamed a bug on the blockchain’s testnet as the cause of the outage. The issue was quickly fixed, and SOL managed to recoup the losses. The token trades at $109 after recording 7-day gains of 12.3%.
In other news, Monero is closing the week with a 26% loss following Binance’s announcement on Tuesday that the token will no longer trade on the crypto exchange as of February 20th. Binance claims that the privacy coin has failed to satisfy certain requirements to continue being listed on the platform. Monero’s price is currently $122.04.
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