Will Bitcoin break the resistance to reach $51,000?

3 min read | September 02, 2021 11:24 PM AEST | By Manu Shankar

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Will Bitcoin break the resistance to reach $51,000? — Image source: eamesBot, Shutterstock.com

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Highlights

Thursday saw the crypto market once again bouncing back with Bitcoin on the brink of touching $51,000.

Bitcoin’s today’s surge coupled with Ethereum’s strong rally has pushed the cryptocurrency market cap up by 4.57%, which was at $2.22 trillion.

Bitcoin has had a mixed run so far ever since it recovered and touched the $50,000 mark in August. However, the highs of reaching $50,000 were short lived, following which the market pulled back and the leading cryptocurrency fell sideways to drop to $46000 last week. But on Thursday, the market has once again bounced back with strong rally, and Bitcoin is on the brink of breaching the resistance to reach $51000.

Also Read: Bitcoin touches $50,000 for the first time since May

Bitcoin that had breached the psychological barrier of US $50,000 on 23 August, it was trading at $49856.88. It was up 4.48% at the time of writing (BST 11:30 am) as per CoinMarketCap. As per CoinMarketCap, it was 24-hour trading at a volume of $39,73,40,39,622 with a live market cap of US $9,37,22,97,81,154.

It had in fact, during the day, reached a high of $50,291.24 at one point of time during the day before trickling down to under $50,000. Bitcoin’s dominance in the cryptocurrency market is placed at 42.08%, which is an increase of 0.02% over the day. Bitcoin, in fact, had been trading well over $45000 for some time now. Many experts believe that April 2021 was a golden period for Bitcoin, which saw it zoom to a record high of $65,000. What happened afterwards was something that was unexplainable as it plunged to as low as $29000 in the June-July period.

Crypto Market Cap goes North

The cryptocurrency market seems to have boosted the rally and this is reflecting in the increase in the market cap as well. Bitcoin’s today’s surge coupled with Ethereum’s strong rally has pushed the cryptocurrency market cap up by 4.57% and was at $2.22 trillion on Thursday. This is due to the rallies that we have seen from the altcoins such as Cardano, which registered 18.22% gain in the seven-day period along with Solana prices which registered again by 72.19% in the same period as per CoinMarketCap.

Ethereum showing bullish sentiments

Ethereum, just like Bitcoin, is having golden Thursday. While Ethereum has been going strong with significant upward trend, Bitcoin has often fluctuated in the last few months. In fact, as per CoinMarketCap, Ethereum was up by 5.79% and was trading at $3,743.01 with a 24-hour trading volume of US $28,38,05,72,877. The current live market cap of $4,39,26,83,87,544.

The Ethereum blockchain, which supports the smart contracts is one of the most preferred by the DeFi developers and for creating NFTs. The recent spike is largely following its upgrade called the London hard fork, which happened on 5 August. The upgrade saw changes to the mining method of the cryptocurrency, which was well received by the users.

Conclusion

Bitcoin investors will bank on the fact that Bitcoin is going strong at present and despite the pullback, it has managed to stay over the $46,000 mark in the last few days. While the cryptocurrencies have had a good day so far, the investors will hope that this rally continues in the upcoming months so that it can do away with the fears of another meltdown from the leading cryptocurrency.

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