Bitcoin prices were soaring above USD 58,000 on Friday in the cryptocurrency market. The largest and most popular cryptocurrency in the world was trading at USD 58,590, up over 1%. Bitcoin just achieved a new high of over USD 69,000, giving it a year-to-date gain of more than 103 percent. According to CoinGecko, the global crypto market cap increased marginally to USD 2.8 trillion.

Ether, the second-largest cryptocurrency and the unit tied to the Ethereum blockchain, increased by almost 4% to USD 4,486. The price of ether has been hovering around an all-time high, catching up to bitcoin's rise and riding on rumours of more blockchain usage.

Above the USD 4,400 threshold, on a daily time period, ETH is still following the upward channel pattern. The trend for ETH vs BTC grew stronger as well, with the price breaking beyond USD 0.76. The Ethereum trend might easily break USD 5,000 levels if it maintains its current strength. "The immediate support level is projected to be USD 3,900, and the following resistance level is expected to be USD 4,900," said WazirX COO Siddharth Menon.

According to CoinDesk, the price of Dogecoin increased marginally to USD 0.21, while the price of Shiba Inu increased by more than 2% to USD 0.000041. Other cryptocurrencies have had a varied performance. Over the previous 24 hours, Polkadot, Litecoin, Cardano, and Solana have all seen price drops, but Uniswap, Polygon, and Stellar have all seen price increases.

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