Last week, the crypto market slipped into a correction. However, it managed to regain ground during this week. Bitcoin needs to add $4,000 to hit the historical record. Ethereum should gain just $100 to reach a fresh high. Other digital assets have not yet reached their peak levels. However, they usually pick up steam amid the rally of BTC and ETH.
Investors are not surprised by such results. Positive shifts in trend were noticed last week but strong price fluctuations undermined the potential upward movement. Currently, the main cryptocurrencies rise by 3-5% daily. The total capitalization of the crypto market has reached $1.6 trillion. If in February the main reason for the growth of the main digital assets was big investments in bitcoin, in March the situation changed.
More and more companies and central banks are ready to launch their platforms for operations with all cryptocurrencies. JPMorgan has made an important announcement. It has created a basket where shares of all companies that are directly or indirectly connected with the digital market are collected. The research activity and the implementation of digital coins into the financial structures of companies have become the main reasons for the growth of cryptocurrencies.
Bitcoin soared to $55,000 amid such news. It may break the historical level of $58,200 this week.
Ethereum also keeps rising. Besides, the date for the Ethereum network upgrade is already known. Its developers have scheduled the Berlin hard fork for April 14. "The hard fork includes various optimizations for contracts, updates to how code is read by the Ethereum Virtual Machine (EVM) and other changes to protect against denial-of-service (DDOS) attacks." This news pushed ETH to $1,820. Some experts are sure that the main altcoin will break the $2,000 level by the end of this week.
In spite of the positive sentiment in the crypto market, Ripple is unable to rise. XRP is holding at $0.466, but there are no signals for further growth. Despite the news that the digital asset is being tested in Japan to pay off corporate debts, the token is falling in price. Most likely, this decline is due to the SEC's lawsuit against Ripple.
Litecoin also lacks impetus for growth. It is trading around $190-200. The asset is likely to reach historical highs only if BTC and ETH rally. The cryptocurrency itself is not so strong to hold at its current level.
It seems that in spite of the positive sentiment in the crypto market, unlike Ethereum and bitcoin, other digital assets are unable to develop a steady rally. However, the situation may change when BTC and ETH reach record levels, triggering the growth of the entire crypto market.
