Bitcoin Captures $50K Position, BTC Market Capitalization Nears $1 Trillion

Bitcoin Captures $50K Position, BTC Market Capitalization Nears $1 Trillion

Bitcoin (BTC) has managed to surpass the $50K zone and not too long ago tapped a excessive of $50,662 per unit. The crypto asset’s total market valuation is slowly nearing $1 trillion in worth as it’s at the moment at $942 billion.

$33.6 billion in world BTC swaps have taken place within the final 24 hours and bitcoin has gained 14.5% during the last two weeks. Seven-day statistics present BTC has gained greater than 6% and year-to-date, the crypto asset has gained 329%.

Bitcoin Captures $50K Position, BTC Market Capitalization Nears $1 TrillionBTC/USD through Bitstamp on Monday, August 23, 2021.

Tether (USDT) is BTC’s high buying and selling pair right now with 57.9% of all bitcoin trades over the last 24 hours. This is adopted by USD (13.16%), BUSD (5.61%), JPY (4.44%), EUR (3.19%), and KRW pairs (3.10%).

Some of the highest bitcoin (BTC) exchanges right now swapping probably the most BTC quantity embody Binance, Coinbase, Kraken, Bitstamp, and Etoro. With bitcoin’s rise above the $50K deal with, the crypto asset’s total dominance of the $2.22 trillion in complete crypto market cap is 42.3% right now.

Crypto Prices See ‘Another Late-Week Surge’

Speaking with Etoro’s crypto-asset analyst Simon Peters, the analyst defined that Paypal’s latest entry into the U.Ok. might have bolstered the value.

“Bitcoin has damaged out above $50,000 for the primary time since May this 12 months as Paypal pronounces crypto shopping for and promoting within the UK,” Peters stated in a be aware to Bitcoin.com News.

“Paypal has [delayed] its launch of crypto shopping for and promoting within the UK for a while however has right now introduced its intention to permit UK-based customers to purchase and promote crypto tokens from this week,” the Etoro analyst continued. “Users will be capable to maintain a basket of 4 crypto belongings – bitcoin, ethereum, litecoin, and bitcoin money, however it’s unclear as of but whether or not the agency will permit customers to make funds in stated cryptos.”

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Peters additional added:

The worth of BTC has been on a fast rebound since late July in what has been a rollercoaster journey for the crypto asset in 2021. [Bitcoin] started final week buying and selling within the mid $46,000 vary earlier than buying and selling right down to $44,000 by Thursday. It has since staged one other late-week surge, rising from a low of $44,177 to buying and selling round $50,147 on the time of writing.

With BTC above $50K at first of the week, merchants and analysts will probably be watching to see what comes subsequent. Some count on BTC to falter once more, whereas many others imagine {that a} ‘double bubble’ is due and BTC will surpass the $64K all-time excessive by the 12 months’s finish. Of course, nobody is aware of what’s going to occur, however the forecasts predicting the latter situation appear to be coming to fruition if bitcoin costs hold transferring northbound.

What do you concentrate on bitcoin crossing the $50K zone once more for the primary time in months? Let us know what you concentrate on this topic within the feedback part under.

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John Lesley/ author of the article

John Lesley is an experienced trader specializing in technical analysis and forecasting of the cryptocurrency market. He has over 10 years of experience with a wide range of markets and assets - currencies, indices and commodities.John is the author of popular topics on major forums with millions of views and works as both an analyst and a professional trader for both clients and himself.

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