Bitcoin finally broke $60,000 to claim a new all-time high as the weekend brought in gains across the market.
Bitcoin looked firm as the crypto finally broke $60,000. Bitcoin continued to rally as it held the line for a new all-time high on Saturday. The bullish market sentiment was seen across the board as Ethereum also gained significantly at the beginning of the weekend. Ethereum finally broke $1,900 and looks set to challenge $2,000 once again.
The gain across the board offered little surprise as US citizens finally started to receive their stimulus checks. US citizens will start receiving their $1400 stimulus checks from Saturday following approval from President Joe Biden. The $1.9 trillion stimulus is the largest in history. The stimulus checks are likely to play a key role in the growth of cryptocurrencies as investors look to cash them in for cryptocurrencies in order to gain on their investment.
ETH Chases Bitcoin
Following the bullish price action on Bitcoin, Ethereum appeared to mimic it. Ethereum was up over 7% on Saturday. The cryptocurrency surpassed $1,900 on Saturday as it looked to test $2,000 once again. The altcoin is not far off from the previous all time high and with the upgrades coming to the project in 2021, it is highly likely that Ethereum sees a new all-time high before the end of the year.
Biggest Top 100 Gainer
In another impressive day for the market, altcoins enjoyed some respite as they also gained on the weekend. NFT project Decentraland (MANA) was the biggest gainer on Saturday.
The project saw an impressive 66.5% gain on Saturday. The project continues to chase down new all-time highs against Bitcoin. Decentraland is the first fully decentralized world. The project sells blockchain real estate to grow the gaming industry. The massive surge in price saw MANA climb to $0.91.
The weekend brought several surprises thus far. Bitcoin breaking $60,000 could mean we see Bitcoin extend that price surge, or we see Bitcoin correct dramatically.
However, if Bitcoin can hold at these levels, it is likely that other projects such as Ethereum and altcoins could see dramatic price increases. Ethereum will be the next major cap to chase down an all-time high. The question now is will Bitcoin cool off and let it.