New Year’s Green Market Placed BTC Above $48,000: Analysis

New Year’s green market placed bitcoin above the $48,000 price range and with the end of 2021, Bitcoin surged by $1500 in the past few hours with most other altcoins being in the green so let’s read more in today’s Bitcoin news.

After a few days of price drops, New Year’s green market led to Bitcoin finally launching an impressive leg up a few hours ago and surpassing $48,000 and most other altcoins are in the green before 2021 ends with Ethereum reclaiming $3800 and the market cap gaining $70 billion in one day. The past few days didn’t go well for the main cryptocurrency as the asset surged to $52,000 on December 27^th after breaking above the $50,00 price range. While the community rejoiced and anticiapted another increase, BTC reversed its trajectory as the bears entered the game. A day later, BTC found itself trading near $3000 lower and dropped to $46,000 a day ago.

The cryptocurrency bounced off quite fast and traded near the $47,000 price range when the sudden price pump happened in the past few hours that drove it north by $1500. as a result, BTC jumped above $48,000 and it is now sitting near $48,500 with the market cap increasing to over $900 billion. Similar to BTC, most other altcoins suffered in the past few days and ETH went from over $4100 to lower beneath $3700 but a daily 3% increase drove the second biggest crypto to just over $3800.

The rest of the larger cap altcoins are in the green as well and this includes Binance Coin that increased 2%, Solana that increased 2.5%, Ripple increased 3%, Cardano increased by 3.5%, and Polkadot by 3%, and Shiba Inu as well as 2.5%. Most gains came from Gnosis by 16%, Cosmos increased by 13%, Celsius by 15%, SushiSwap increased by 12%, Curve DAO token 12%, and Aave by 12%. The cryptocurrency market cap increased by more than $70 billion since the low of yesterday to nearly $2.3 trillion.

As recently reported, ALGO and NEAR jump in price by 6% and 11% respectively but Ethereum tested the $3850 level and XRP approached the $0.80 support. Bitcoin’s price failed to start the recovery wave and gain more pace below the $48,500 support. The BTC extended drop led the coin below $47,500 and now shows bearing signs close to $46,800. Most major altcoins are also moving lower and ETH traded below the $3880 and $3650 support levels while XRP settled below $0.85 and could revisit the $0.80 as ADA approached $1.30.