Forex and Crypto News

Bitcoin Price Rises Above $38000: What's Next?

16:30 05 February /2021

Today the price of Bitcoin has risen above $38000. The pair BTC/USD is currently trading in the $38060 area, trying to hold above $38000. Over the past 24 hours, the capitalization of Bitcoin has grown to $706.303 billion.

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Back in the middle of this week, investors began to transfer stablecoins to crypto-exchanges. The CryptoQuant team reported that $552 million in tokens (mostly in Tether) have been deposited into trading platforms, which is definitely a positive signal for the market.

Digital assets backed by fiat money are used by traders to buy both Bitcoins and other cryptocurrencies.

The growth in the price of BTC is observed against the background of record network activity.

A survey by Arcane Research says January was the record month for the number of active Bitcoin addresses. The positive trend continues in February. The number of active addresses exceeded 22 million, such a surge was not observed even in December 2017, the researchers emphasized.

The rest of the cryptocurrencies are also trading in the green zone. Ethereum (ETH), for example, holds just above $1661.

The price of Cardano (ADA) and Binance Coin (BNB) also rose by 17% and 14% to $0,504 and $60, respectively.

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