Bitcoin’s price on Thursday gained as other cryptocurrencies were trading in green.
After a steep decline, Bitcoin’s upward movement came after the US central bank’s long-awaited interest rate hike. May has been a historically strong month for Bitcoin. The world’s most valuable cryptocurrency badly needs a good month after a tepid 2022 so far, falling 17 per cent in April, according to data on CoinDesk.
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Bitcoin’s price was up more than 4 per cent but still hovering below $40,000. The Bitcoin price on Thursday was $39,594.
The world’s second largest cryptocurrency, Ethereum, was up by 5 per cent. However, it was trading below $3,000-mark at $2,931.85.
“Bitcoin, Ethereum, and most cryptocurrencies broke the week-long downward swing following the U.S central bank hike on interest rates. BTC gained nearly 5% as buyers tried to defend its support at US$37,000,” Edul Patel CEO and Co-founder of Mudrex, said.
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Other cryptocurrencies such as XRP was up by 5.89 per cent, Terra gained 3.71 per cent, Solana surged 8 per cent, Cardano gained over 11 per cent, Avalanche was up by 12 per cent.
Other cryptocurrencies such as Dogecoin was up by 4 per cent and Shiba Inu gained 4 per cent.
“As BTC is not overbought, this could keep the short-term buyers active in the run. In the coming days, we may see BTC either breaking above its initial resistance at US$40,000 or breaking below its support levels,” Patel said.
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