Bitcoin leads the cryptocurrency market rally, surges 10%

bitcoin

Friday morning, Bitcoin continued its surge rising 10%, breaking the USD 47,200 resistance, and continues to rise at US$47,536. This has been the highest level for bitcoin in the last 12 days.  

The recent gains represented a jump of $4,520 as it closed on Thursday night. The surge comes after the US Federal Government Reserve Chairman Jerome Powell stated that the government has no plans to ban cryptocurrencies.  

Earlier, China’s most potent regulators banned cryptocurrencies, putting a stop to crypto trading and mining. The ban had pulled down the market, decreasing the value of the currencies.   

However, BTC seems to be in good recovery as it rallied above the USD 47,200 resistance and continues to soar.  

The other currencies also follow bitcoin. Altcoins are steadily growing while the ETH rose above US$ 3,120 and US$ 3,150 resistance levels.  

BTC’s next key resistance is near the US$ 48,000 level; above this, the prices may rise above the US$50,000 level.  

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