Bitcoin (BTC) is back on its bullish rally after yesterday’s pause and is up another 2% in the last 24 hours. The leading cryptocurrency broke the $ 46,000 barrier, and expectations are growing towards $ 50K. As of press time, the price of BTC is $ 46,404.
Specialists assure that BTC is ready to test the USD 50 K level again. At the beginning of the year, the cryptocurrency passed the gap between USD 40K and USD 50K for a few days, so it did not establish strong supports in the middle. Later, in the fall, the pullback was just as fast.
This time, the analysts expect to remain above that level for a few weeks will allow BTC to forge new resistances that drive it less frenetic, but with more force to higher levels. In principle, the resistance to overcome will be that of USD 48K, and then USD 50K is looming.
In the last few hours, the crypto ecosystem has received great news that triggered investor confidence. In market terms, the returns announced by Coinbase after its IPO were surprising. The exchange far exceeded the expectations of its shareholders, hand in hand with an increase in the volume of trading digital assets.
Trading volumes increased more than 16 times compared to the second quarter of 2020. Between April and June approximately 462 billion dollars were traded, of which 24% was only Bitcoin (BTC). Last year, BTC dominated the field at 36%, suggesting an increase in the adoption of altcoins, particularly ETH.
The entire crypto market has felt a new momentum in recent hours, with several of the major altcoins posting double-digit gains. Cardano (ADA) led the jumps with 20%, which took it above $ 1.86, followed by XRP with 18%. Ripple’s token is trading at $ 0.96, and it dreams of outperforming the dollar once again.
Ether (ETH), the leading altcoin, grew more than 5% and surpasses $ 3,230 at the close of this note. Bitcoin cash (BCH) and litecoin (LTC) jumped 8% and are trading at $ 621 and $ 172 respectively, while dogecoin (DOGE) does so at $ 0.27 after a 13% rise.