Bitcoin Moves to US$47.5k! Should You Sell ETH and Buy BTC Now?

Yesterday, Bitcoin shot past US$46,800, registering an interim 15% rapid growth

Finally, after a long bearish season and the threats of an approaching 'crypto winter', Bitcoin price is back on track. Yesterday, BTC shot past US$46,800, registering a 15% rapid growth to reach a three-month high. Now, the cryptocurrency is eyeing to break its interim resistance level of US$47,500. According to experts, Bitcoin gaining its prominence once again is a much-expected thing. However, some suggest that long-term investors who bought ETH recently should consider buying BTC for better gains.

Bitcoin's stealth rally in the past week has brought it to a key level where it is indicating positive returns. One of the biggest reasons for its sudden growth is the purchase of BTC by Luna Foundation Guard (LFG). The buying is focused on systematically accumulating a total of US$3 billion worth BTC as a reserve for TerraUSD. In the recent path, Bitcoin's price was swinging between US$30,000 and US$45,000, thanks to the outbreak of the Russia-Ukraine war and the Federal Reserve's announcement to increase interest rates. Besides, the cryptocurrency market also faced severe scrutiny from the Western powers as Russia used the decentralized ecosystem to evade strict sanctions. After the back-to-back hits, some critics even predicted that Bitcoin might disappear in thin air in the next few months, although some rebuffed the claim.

Fortunately, the cryptocurrency is back on track now. BTC is well above its 50-day moving average, which currently occupies the US$41,085 mark. On the other hand, digital tokens like Ethereum, Solana, Cardano, and Avalanche are also slowly recovering. During the bear run, many cryptocurrency investors withdrew their Bitcoin investment and added it elsewhere like ETH or stocks. Therefore, experts suggest that it is high time for them to reenter the BTC sphere.

The War Recovery and Its Impact on BTC

When the Federal Reserve came up with a plan to retrieve people from investing in riskier assets, the cryptocurrency market was quite scathed. But what gave it a big blow was the emergence of the Russia-Ukraine war. The rise in oil prices and instability in the financial sphere made people bail out of speculative assets like Bitcoin and Ethereum. However, since the world is adjusting to the new reality, Bitcoin price is back on track.

Besides, Russia is showing support to BTC transactions. For a long time, the country was strict against cryptocurrency trading and even imposed stringent regulations. The leniency from Kremlin is also paving the way to Bitcoin's growth.

How is Bitcoin Performing Now?

Bitcoin reached an all-time high of US$69,000 in November 2021. Unfortunately, after recording a whopping price surge, BTC went into a gloomy phase. Many times since then, Bitcoin price tested the US$45k resistance level, but couldn't break through it. And every time it failed, the bears surmounted the cryptocurrency.

But this time around, Bitcoin price is showing good signs of recovery. Although BTC needs to bounce back with a good volume to make a strong comeback, the possibility of moving up is higher. Still, investors need to keep a close eye on US 47.5k resistance. When BTC breaks that accord, it will head to the 200-day moving average, US$48.3k.

Why Choose BTC over ETH?

Before investing in both BTC and ETH, investors should first understand the difference between digital tokens and their functionalities. While Bitcoin is considered an asset among investors, Ethereum is an eponymous network that supports the decentralized ecosystem. Remarkably, people who invested in ETH during the BTC bear run should consider reinvesting in Bitcoin now since the price is up. For long-term investors, Bitcoin is more of a commodity like gold that can store value. On the other hand, Ethereum is an amazing network that brings virtually limitless possibilities. Therefore, if you are just planning to multiply your investment, Bitcoin is the best option.