As Bitcoin's price soared above the USD 16,000 level, cryptocurrency markets remained stable on Thursday. The largest cryptocurrency in the world by market capitalization is down over 70 percent from this time last year, when the digital currency was trading just below its all-time high of almost USD 69,000 in November 2021.
Today, the price of Bitcoin, the world's biggest and most well-known digital asset, was trading more than 1 percent higher at USD 16,682. On the other side, Ether, the second-largest cryptocurrency and coin connected to the Ethereum blockchain, also increased by more than 3 percent to USD 1,200. Despite rising almost 4 percent in the previous 24 hours to USD 873 billion, the global crypto market cap today remained below the USD 1 trillion threshold, according to statistics from CoinGecko.
"The majority of cryptocurrencies recovered from recent drops. In response to the revelation that Coinbase had 2 million BTC in reserves as of the end of the third quarter, Bitcoin had increased by 3 percent over the past 24 hours. BTC is attempting to retest the broken resistance as potential support while trading over the USD 16,700 mark. By the end of this week, BTC may trade above USD 18,000 if it can maintain the acquired momentum. However, Ethereum has also increased by 5 percent and is now trading above the USD 1,200 mark. The coin's price may soon rise to the USD 1,300 range, according to Edul Patel, CEO and Co-Founder of Mudrex.
Shiba Inu was up almost 2 percent at USD 0.000009, whilst Dogecoin was trading over 4 percent higher at USD 0.08. The performance of other cryptocurrency prices today also improved, with small gains recorded over the last 24 hours for Binance USD, Avalanche, Tether, Terra, Stellar, Polkadot, Solana, Uniswap, ApeCoin, Tron, Polygon, XRP, Cardano, Chainlink, and Litecoin values.
Investors are now keeping an eye on other cryptocurrency businesses to see how far the virus may spread. Genesis, a digital asset brokerage, issued a bankruptcy warning in the event that it is unable to raise money.