Bitcoin price on Monday crossed $47,000-market to hit a three-month high as the global cryptocurrency market was trading in green, according to data on the CoinDesk website.
Other popular cryptocurrencies, including Ethereum, extended gains on the share market.
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The world’s largest cryptocurrency by market capitalization, Bitcoin’s price jumped 5.38 per cent to $47,062.
Bitcoin gained around 12 per cent in one week.
The second largest cryptocurrency, Ethereum, rose 5.44 per cent to $3,318.
“Bitcoin hovered above US$46,000, breaking the three-month-long downward trend in the past 24 hours. BTC and ETH are up by nearly 15 per cent and 16 per cent over the past week, currently trading at US$46,000 and US$3,300 levels. BTC’s support lies between US$40,000 to US$42,000, while the resistance holds at US$50,000,” Edul Patel, CEO and Co-founder of Mudrex, said.
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XRP extended 3.93 per cent, Terra was up 4.59 per cent, Solana rose by 7.95 per cent, Cardano was up 4.02 per cent, Avalanche rose by 5.65 per cent, Polkadot gained 7.17 per cent.
Other popular alt coins such as Dogecoin and Shiba Inu rose by over 6 per cent respectively.
“According to the market cap, major altcoins are also running in green. VeChain, Convex Finance, Holo and Filecoin have witnessed nearly 59 per cent, 57 per cent, 56 per cent, and 41 per cent of them over the past week. The coming week would be crucial for the crypto market,” Patel said.