The BTC price made more bullish moves above $50K on Thursday and even traded to a new all-time high of $52,745. The cryptocurrency is currently consolidating gains just below $52K, but bulls are likely to remain active and spark another uptick soon.
According to prominent crypto analyst and trader Charles Edwards, the current BTC rally comes on the back of positive fundamental events.
He noted that the price surge is attributable to growing institutional support from companies such as Microstrategy, which may be buying an additional $900M in BTC. Global investment manager BlackRock has also hinted that it could dabble in BTC, while more digital asset firms have started filing for bitcoin ETFs once again.
Long-time technical analyst Peter Brandt shared a similarly positive outlook for the BTC price, arguing that there is a strong likelihood that the asset will see further upsides.
“Bitcoin is undergoing its third parabolic advance in the past decade. A parabolic advance on an arithmetic scale is extremely rare – three on a log scale is historic,” Brandt tweeted while sharing the chart below.
BTC amid a long-term parabolic advance | Source TradingView
ETH Price Sets New Lifetime High
The ongoing bitcoin run has generated a tailwind that propelled ETH to its own all-time high on Thursday. The ETH/USD exchange rate touched $1,927 after surging 4.12%, bringing its total gains for the year to an astounding 157%.
The second-largest cryptocurrency has vastly outperformed its top rival Bitcoin in recent months and looks well-positioned to break above $2K. Ether is trading at $ 1914 during press time, and it remains supported for more upsides. The next major hurdle for the bulls sits near the $2K level.
ETHUSD Chart By TradingView
While addressing Ethereum’s growth against BTC, one pseudonymous analyst noted that the top altcoin could soon turn its slow uptick into a full-fledged bull run past $5K.
BNB Price Trades To New Record High
Meanwhile, Binance coin (BNB) formed a support base above the $120 level, allowing it to extend gains on Thursday. The BNB price exploded 45% on the heels of the ongoing BTC run, surging to a new record high of $196.96.
BNB is currently one of the best performing crypto assets after amassing year-to-date gains of a whopping 434%.
This inspired rally comes amid a dramatic spike in the transactions on Binance Smart Chain. Many crypto investors are seemingly interpreting the booming network load as a cue for further BNB adoption.
