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Highlights
- For the first time since May 2021, Bitcoin prices crossed the US$ 50,000 mark and the cryptocurrencies were trading in green.
- Bitcoin price has surged by about seven per cent since the last one week and 50 per cent in the last month.
- Bitcoin’s market cap has surged to US$ 942.7 billion.
Bitcoin price surged past the US$ 50,000-mark on Monday, August 23, for the first time after the crypto market crashed in May this year.
At 9.30AM EST, the world's oldest cryptocurrency jumped 2.6 per cent to US$ 50,157.97 per token, according to CoinGecko.
After witnessing record levels in April 2021, Bitcoin witnessed a dark period for almost three months and kept hovering in the range of US$ 30,000 to US$ 40,000 apiece. The cryptocurrency market is now recovering and so is Bitcoin.
On April 14, Bitcoin had almost reached the US$ 65,000-mark when it touched US$ 64,804.72 per token. However, in June, the price of the digital asset fell to US$ 28,800 after a massive sell-off. The crash came after regulatory authorities in China launched a massive crackdown on financial companies, payment gateways, corporates providing services related to Bitcoin.
As crypto-mining operations involving graphic processors require a lot of electricity and affects the environment negatively, China has adopted strict measures leading to an exodus of crypto miners from the country. These factors played a cumulative role in bringing down the prices of Bitcoin.
Bitcoin price movement and next level price prediction
Bitcoin price has surged by about seven per cent since the last one week and 50 per cent in the last month. The market capitalization of the world's oldest cryptocurrency is US$ 942.7 billion and its trading volume was US$ 33.5 billion in the last 24 hours, based on CoinGecko data.
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The surge in the prices came due to two significant developments for Bitcoin over the past week. Leading payment services company PayPal has launched a cryptocurrency service in the United Kingdom.
The announcement came on August 23 after PayPal announced that users can buy, sell, or hold digital currencies and it will be the company's first international expansion outside of the US.
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Another major announcement came from cryptocurrency exchange platform Coinbase said that the company will buy crypto worth US$ 500 million on its balance sheet.
With the increasing acceptance of cryptocurrency and a few countries focusing on adopting Bitcoin as a legal tender, it might soon breach the levels of US$ 60,000 per token and may also touch US$ 70,000 apiece by the end of this year.
Bottomline
Since Bitcoin is the pioneer among all the cryptocurrencies in the world, it will certainly remain on the top for at least the next five or ten years. Even Bitcoin rival Ether trades in the range of US$ 3000 to US$ 3500, not even close when compared to the price of a Bitcoin.
Also Read: Fantom surges by 16%. Can FTM crypto hit $1 in 2021?
European derivatives exchange Eurex announced on Monday that it is set introduce exchange-traded notes (ETN) futures for BTC. It will be launched on September 13 and Eurex will become the first exchange to bring Bitcoin-related derivatives in Europe.
Amid all these developments, it seems Bitcoin will continue to rapidly grow and touch new highs.
