Bitcoin Price Hits $45,000, highest in Over 2 Months. Next Stop $50,000?

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Cryptocurrency prices continue to be on an upward trend on August 9. At the time of this article, the price of Bitcoin stood at $45,040.19 with an upwards trend of 1.16 per cent over the last 24 hours and 13.70 per cent over the last seven days. The global crypto market cap over the last day was $1.83 trillion with a 0.25 per cent decline for the same period according to CoinMarketCap.

Now to give a broader perspective, Ethereum has also been at an all-time high price since mid-May. The price of Ether at the time of this article was $3,060.76 with a downward trend of 1.52 per cent over the last 24 hours and an uptick of 18.06 per cent over the last seven days. The market cap for both the top cryptos stood at $847.62 billion and $359.37 billion for Bitcoin and Ethereum respectively.

The increase in Ethereum’s follows an extreme upgrade to the Ether coin and despite the uncertainty of the US infrastructure plan.

On Sunday, Bitcoin gained 3.1 per cent and reached $45,328. This is the highest that the world’s biggest crypto coin had seen since May 18. For the same period, Ether has seen an increase of 3.5 per cent which had left it at $3,191. The price increase came amid the London upgrade for the Ether network.

Speaking on the gains that Bitcoin saw over the weekend, Edul Patel, CEO and Co-founder of Mudrex said, “It was a delightful weekend for most cryptocurrency investors as all the major cryptos maintained a steady rise over the past couple of days. The largest crypto by market capitalization, Bitcoin, went past the coveted $43,000 mark. Ethereum, too, shot up tremendously, riding on the anticipation of the London Hard Fork upgrade. Both these cryptos reached the highs that were established in early June. However, the latter part of the weekend saw some profit booking.”

Patel went onto add, “Crypto enthusiasts would be on their toes as the markets are a tad bit shaky coming out of the weekend. However, if the buying pressure builds after the volumes increase on Wednesday, we might witness another short rally as Ether might head well over the $3000 mark.”

The total cryptocurrency market volume over the last 24 hours has hit $102.88 billion which makes it a decrease of 14.90 per cent. The total volume in DeFi currently stands at $10.11 billion, which makes up 9.82 per cent of the total crypto market in terms of its 24-hour volume. The total value of all the stable coins at the moment of writing this article was $82.02 billion. This translates to 79.73 per cent of the total crypto market’s 24-hour volume. The Bitcoin dominance on Monday was 46.48 per cent which is an increase of 0.57 per cent over the day.

Commenting on the scenario of Bitcoin, ZebPay Trade Desk said, “Over the weekend, BTC crossed the $45,000 mark, rallying close to 25% since its low of $37,300 on August 5th. The asset currently trades close to $43,500. The rally was supported by good volumes and momentum, and we have seen whales buy even at these higher levels which is a bullish sign for the asset. This rally comes just days before the much-awaited US July inflation report.”

“So far this year, bitcoin bulls have responded positively to slight spikes in inflation, and given the way the market has been the past few days, this time around the story seems no different. More importantly, on-chain metrics are also good, with new BTC entities participating in the rally. However, one must be cautious over the next few days as typically when BTC rallies significantly, corrections historically set in soon after, as some traders look to profit book and exit their positions,” added ZebPay.