Investors are basking in the latest bullish rally of Bitcoin that managed to break past $20,000 in the last 24 hours.
Apart from Bitcoin, Ethereum has also documented a short price rally after its recent merge update.
With leading cryptocurrencies showing positive price trends, some investors are euphorically bullish while others beg to differ.
Bitcoin soars past $20,000 in recent price rally
After experiencing multiple drops and fluctuations over the past few months, Bitcoin has finally hit a three-week high and rose 6.9% to trade at $20,627 at press time.
The second largest cryptocurrency by market cap, Ethereum, has also responded to the positive price momentum in the market and soared 13.9% to trade at $1,533, the highest it has been in the last four weeks.
- Read more: Top Crypto Gainers: Which coins have pumped the most this month
The recent BTC price rally has been attributed to the weakening of the dollar index (DXY). The DXY recorded fluctuations in its metrics last night, which ended up bolstering the price of BTC. The DXY dropped to 110.846 from its earlier value of 112.072, which triggered a surge in Bitcoin's price.
DXY or Dollar Index, can be described as a barometer for global currencies that measures the value of the US dollar relative to a basket of global currencies.
Apart from Bitcoin and Ethereum, leading altcoins like Solana (SOL) and Cardano (ADA) rose 11% and 13%, respectively, in the last 24 hours, breaking the usual market resistance.
Investors rejoice as Bitcoin breaks resistance
The recent Bitcoin price rally has gotten investors excited about the future prospects of Bitcoin.
According to analyst Crypto Rover, Bitcoin is pumping exactly the way it was predicted to.
According to CryptoQuant's CEO, Ki Young Ju, crypto miners' stance on Bitcoin has remained unchanged throughout the bear market, which may have played an incremental role in its recent price surge.
Ju tweeted how the hashrate to mining revenue has hit an all-time high, which demonstrates the fact that miners kept investing in infrastructure despite very small BTC rewards.
While the majority of investors are relishing in the recent BTC price rally, others were quick to note that nothing is set in stone and Bitcoin may soon alter its stance depending on the changing course of the crypto market.
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