Bitcoin's price soared past USD 38,000 today in the cryptocurrency market. By market capitalization, the world's most popular and largest cryptocurrency went up over 4 percent to USD 38,615. Bitcoin has lost more than 16 percent year-to-date (YTD), while it has virtually halved from its all-time high of USD 69,000 set in November, a drop of more than 50 percent.

"Bitcoin pushed beyond USD 38,000, with trading volumes increasing significantly due to a surge in purchasing activity over the last 24 hours. The BTC trend is still moving within the falling channel pattern on the daily timescale. BTC is still in the oversold zone, but the RSI has nearly doubled in the last ten days, edging closer to 40. "A key support level is projected at USD 30,140," stated WazirX COO Siddharth Menon.

According to CoinDesk, Ether, the second largest cryptocurrency and the coin tied to the Ethereum blockchain, increased by more than 10 percent to USD 2,758. Binance Coin, meanwhile, increased by 4 percent to USD 384.

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