by • Bitcoin’s price surged past $27,000 and nearly touched $28,000 for the first time in 9 months.
• Altcoins such as Ether (ETH), Solana (SOL), Uniswap (UNI), Avalanche (AVAX), and Ethereum Classic (ETC) have also seen impressive gains of up to 14%.
• Stacks (STX) has been the star performer, surging by over 115% on a weekly basis.
Bitcoin Taps New 9-Month High
Bitcoin initiated yet another leg up in the past 24 hours, resulting in nearing $28,000 for the first time since June 2022. The US banking crisis, which later expanded to Europe as well, harmed bitcoin’s price performance at the end of last week as the asset tumbled below $20,000 for the first time in two months. However, with the start of a new week Bitcoin began adding a couple of grand daily which resulted in breaking above $26,000 on Tuesday. After its initial retracement to $24,000 BTC went on a roll once again on Thursday and Friday and spiked above $27,000 coming inches away from tapping $28,000.
Altcoins Follow Suit
The altcoin market is well in green with ETH reclaiming $1,800 while SOL UNI AVAX and ETC have skyrocketed by up to 14%. These digital assets are all showing positive signs of growth making them attractive investment opportunities for traders looking to diversify their portfolios.
Stacks Soars 115% Weekly
Stacks (STX) continues with its massive gains surging by triple-digit on a weekly scale becoming one of most profitable investments this week for investors looking towards cryptocurrency markets. STX’s success has been attributed to its innovative technology which combines smart contracts with Bitcoin’s security measures allowing developers build decentralized applications securely without relying on third parties or centralized services.
What Does The Future Hold?
It remains uncertain what will happen next but given Bitcoins strong fundamentals and increasing retail demand there is potential that prices could continue moving upwards towards forecasted resistance levels near 30K USD throughout 2021 and beyond. As mentioned earlier altcoins have also shown great promise so it’s likely that these coins will follow suit with BTC’s movements however investors should always do their own research before investing into any digital asset due to their volatile nature.
Conclusion
In conclusion this weekend looks promising for both BTC and altcoins alike with prices continuing their climb higher despite some volatility along the way as expected from any high risk/high reward investment opportunity like cryptocurrencies. Investors that are considering entering markets should always consider their own risk appetite before doing so but it’s safe to say that this weekend looks very encouraging for long term holders!
