The global cryptocurrency market is on a reignited run as numerous cryptocurrencies are printing a new All-Time High (ATH) price record. The market rally is remarkably being fueled by the massive bullish trajectory of the three largest digital currencies including Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB). The joint influence of these virtual currencies has pushed the global crypto market cap to a new high of $2.16 trillion atop a 3.66% growth in the past 24 hours.
Bitcoin Reaffirmed its Market Leadership
Bitcoin has remarkably re-emphasized its market leadership, sprinting past the $60,000 resistance level to record a new ATH high of $63,253.13, atop a 5% daily gain and 7.41% weekly surge.
With this current price mark, Bitcoin has made a run of over 809.5% in the past year according to data from crypto market price aggregator Coingecko.
The run in the price of Bitcoin might have been fueled by the excitement in the broader market as Coinbase cryptocurrency exchange is set to go public on the Nasdaq Exchange tomorrow via direct listing. The public market debut has been seen by many as bullish for Bitcoin as it will offer mainstream investors the opportunity to buy into the shares of a firm at the heart of the Bitcoin and crypto revolution.
Together with other bullish market fundamentals such as the growing number of Bitcoin ETF applications, Bitcoin is looking poised to taste $70,000 by the end of April.
Ethereum Utility Defining its Growth
Ethereum is also showing impressive strides having surged to an ATH of $2,232.11 today. The cryptocurrency has battled the $2,100 resistance for so long, but through a renewed commitment to continuous buyups, ETH investors have succeeded in charting a new price course for the coin.
Ethereum’s price outlook appears to be masking its underlying network’s high gas fee woes. However, these issues will be non-existent once the full rollout of the Ethereum 2.0 Proof-of-Stake (PoS) protocol. Ethereum short term target by market analysts is fixed at $3,000 with few projecting a $5,000 price target by the end of the year.
Binance Coin Amid Impending Token Burn
Binance Coin has also maintained its lead ahead of XRP as the third-largest cryptocurrency by market capitalization after surging to an ATH of $637.44 in the trailing 24 hour period. The coin’s growth might be more explosive in the coming days as the CEO, Changpeng Zhao has hinted at the possibility of BNB token burn.
Should this happen, a short-term price target of $1,000 may be easily achievable for the cryptocurrency.