The national holiday brought about major attention to Bitcoin climbing over $50,000, as most of the stock traders in China and the US took a break. The price value of this cryptocurrency definitely went above the mark of $50,000 but then it eased back to its current level.
Bitcoin Saw Quite A Rise In Its Value, But Where Does It End?
This news dropped in from the Asia regional hours of trading as most investors went on accruing capital to prepare for the inevitable movement of price. This trend was spotted by the CEO of CryptoQuant Ki-Young Ju- who mentioned that the stablecoin reserves had been constructing themselves based on exchanges.
According to Ju, this trend was quite typical of most traders who would be holding their cryptocurrencies like Bitcoin in tokens which are dollar-pegged. They would then be waiting for the perfect buying conditions. The biggest question now is, what is the level to which this cryptocurrency will go after having already touched $50k. This bullish run has definitely helped other markets of cryptocurrency recover from the loss incurred on Monday. The market cap for Bitcoin and other cryptocurrencies is way above $1.5 trillion. Interestingly, the total value of Bitcoin has gone over a trillion dollars in the last eight weeks.
Both BTC and Ethereum had a good run as the latter clawed into the $1,800 range. Several other cryptocurrencies went skyrocketing- Polkadot, Cosmos, and Cardano.
Although it can be seen that most of the cryptocurrencies like Bitcoin have successfully come out of the quagmire they had found themselves in, there are still a few possibilities out there that might affect the dealings of crypto on a daily basis.
