Bitcoin surpasses $56,000 to begin the week, as altcoins struggle to make gains
Following a strong push up to $56,000 last week, Bitcoin started the week with more gains on Monday. The most popular crypto-asset in the world is aiming for a new all-time high. Despite the fact that a resistance appeared to be building, with the price holding steady, this could be crossed again soon after the steady increase in recent weeks.
With a minor 0.73 percent increase in the last 24 hours, Ether's value has remained relatively unchanged. After a decent climb last week, the second most valuable cryptocurrency started the week at $3,698. Although the Ethereum-based coin has yet to experience a bullish rally like Bitcoin, its values have been mostly in the green in recent weeks.
Further down in the pecking order of popular crypto-coins, Cardano, Ripple, Polkadot and Uniswap have all had a rough starts to the week, while Dogecoin value continues to slip up too. DOGE, after a sharp surge early last week saw a dip of 3.95 percent to trade at $0.24. Meanwhile, 'Doge-killer" Shiba Inu continues to climb with a 1.92 percent rise, at the time of writing.
"Over the past 24 hours, the crypto markets have experienced steady growth. The largest cryptocurrency by market cap - Bitcoin continuing its massive rally and is eyeing a profitable session in the next 24 hours. Traders should watch the markets closely as the RSI is at 62 and the fear and greed index is at 71," states the CEO and Co-founder of Mudrex, Edul Patel.
China imposed a blanket ban on crypto-asset trading and mining last month, with the country's central bank promising to crack down on "illegal" cryptocurrency activities. Cryptocurrency mining has now been added to a draft list of industries in which foreign and domestic investment is restricted or prohibited.
On the other hand, JP Morgan, a major American investment bank, has written a note to investors claiming that Bitcoin could be a better inflation hedge than gold.
Bitcoin proponents have long claimed that cryptocurrency offers better and faster returns than gold, and that many people prefer it as a store of value. Given Bitcoin's volatility and lack of a clear growth trajectory, there has been some resistance to the switch.