Bitcoin and Ethereum are taking the lead again as bears fade away after a short-lived price drop in most of the cryptocurrencies in the market. The bearish twists of the last few days have been now negated with virtual currencies moving higher once again. Some altcoins are also registering moderated gains.
Bitcoin and Ethereum Move Higher
The entire crypto market is recovering after a few days of bears taking control of virtual currencies. Bitcoin fastly recovered from $51,200 and not is being traded above $55,000. Thus, we see that the largest cryptocurrency recover its position around $55,000.
Ethereum has also suffered a moderated dip a few days ago. The digital currency has indeed reached $1,560 per coin but recovered after it. At the time of writing, Ethereum is trying to break through $1,700 which is a strong resistance level for the second-largest blockchain network in the world.
During a conversation with UseTheBitcoin, Konstantin Anissimov, the Executive Director at CEX.IO, explained that Ethereum’s long-term growth looks promising.
On the matter, he stated:
“Ethereum’s current price is trading above both its 100 and 200-day simple moving averages showing outperformance of the average price in this period of time. The coin is currently trading around its 50-day moving average and in the longer term, there is a possibility for the coin to outperform this price stance.”
In addition to it, Anissimov explained that the longer-term price target is close to $2,500. The virtual currency could also break through its all-time high of $2,040. However, this would be closely related to the network upgrades plans. If everything goes as planned, then Ethereum has a strong bullish potential.
Furthermore, Anissimov explained that as the first quarter of this year is coming to an end, we could see companies revealing their BTC and ETH purchases. If they declare them, there could be an increased bullish sentiment. Other companies could follow their path and push the price of Bitcoin and Ethereum even higher.
It is worth taking into consideration that Cardano (ADA) and Litecoin (LTC) are also moving higher. Cardano is getting ready to Goguen. This would allow developers and projects to release their decentralized finance (DeFi) apps on top of Cardano.
Meanwhile, Litecoin continues to attract investors that want to be part of the new privacy solutions that could be released by Litecoin in the near future. We are talking about the MimbleWimble implementation and added fungibility to LTC.