Bitcoin and Ethereum soar and reach better quotes since May

The two main cryptocurrencies in the market started a strong recovery this Saturday morning (7) and registered the highest prices since May.

Up 6% in the past 24 hours, bitcoin hit the day’s high of $44,520, a price not seen since May 18th. The currency is now down to $43,430, amassing a monthly gain of 33 percent, according to CoinMarketCap.

With today’s appreciation, bitcoin is down to 31% from its historic high of $64,860. According to the Bitcoin Price Index (IPB), the currency is traded in Brazilian brokers at R$ 227 thousand.

The BTC appears to ignore the tension in the market this Saturday as a bill is voted in the US Senate that could have a big impact on the crypto industry.

altcoins on the rise

Ethereum’s rise is even more significant as the currency crosses the $3,000 barrier for the first time in three months. At 12% value, ether came to be traded at US$ 3,167 in the early morning. In reais, the asset is worth R$ 16 thousand.

Ethereum shows good performance throughout the week after going through a successful hard fork that introduced a new fee system. Since Thursday (5), all ether used to fund transactions has been burned instead of going to the miners.

Since then, an average of $10,000 in Ethereum has been destroyed every minute. The update is positive as it reduces the supply of ETH in the market, which tends to help the currency appreciate in the long term.

The vast majority of cryptoactives start the weekend on a high, with the most expressive valuations coming from Qtum (+35%), Ravencoin (+21%) and Internet Computer (+17%).

Dogecoin and UniSwap prices also returned to the green, rising 10% on the day. BNB, ADA and XRP are operating at an increase of 5% in the last 24 hours.