The price of bitcoin is the highest price of the crypto asset on Saturday, as the digital currency has risen by more than 6% over the past 24 hours. The last time BTC was so high in value was during the first week of January, when bitcoin peaked at $ 42,000 that week.
Crypto prices start to rise, Bitcoin crosses the psychological threshold of $ 40k
Bitcoin (BTC) rose 6% today and moved above the $ 40,000 price level during Saturday morning’s trading sessions. Over the past seven days, BTC has risen 17.6%, but during the past month, BTC has risen just 2.3% today rose. Three-month statistics show that bitcoin has also risen 160% and 311% against the US dollar over the past 12 months.
Today, BTC has a dominance index of about 62%, even during the high price. This is because coins like ethereum (ETH) and bitcoin cash (BCH) and other have made significant gains. At press time, with an overall market valuation of $ 1.16 billion, BTC’s entire market capitalization is hovering around $ 750 billion this Saturday.
While ethereum (ETH) reached a new price high on Friday and jumped more than $ 1,750 per unit, the price has since fallen. ETH is currently swapping hands for $ 1,680 per coin with a market valuation of about $ 193 billion.
The biggest gains in the top ten crypto-list Saturday are binance currency (BNB) and bitcoin cash (BCH). BNB reached an almighty 24% today and traded at $ 73 per unit. Bitcoin Cash (BCH) was up 8.6% on Saturday morning, exchanging for $ 474 per BCH.
Today’s biggest gainers include ultrain (UGAS), stakenet (XSN), airswap (AST), linkeye (LET) and district0x (DNT). Saturday’s biggest losers include Acropolis (AKRO), Reddcoin (RDD), Nexo (NEXO), Mossland (MOC) and Switsborg (CHSB).
An increasing tide of institutional investors and global adoption
Senior commodity strategist Mike McGlone said on Wednesday that he believes BTC could hit the $ 50,000 handle soon. “About $ 30,000 is the threshold supported by a growing number of institutional investors and global acceptance as a valuable stock,” McGlone stressed. “Our graphical image shows the milestone of the 20-week moving average crossing of more than $ 20,000, which we consider to be an extreme downward level in the event of a risk-down swell similar to 1Q20.”
McGlone added:
The volatility of the 260-day Bitcoin is in the early days from a low against the same gold measure, similar to the beginning of 2017. [findings] shows accelerated flow to Grayscale Bitcoin Trust (GBTC) as it decreases the total known ETF holdings of gold. With nearly 700,000 Bitcoins, GBTC reached record highs, while gold ETFs fell from the October peak to about 107 million ounces, just over 111 million.
The upcoming launch of CME Futures raises Ethereum price
In addition, crypto advocates and industry executives believe that Ethereum (ETH) is heading for higher numbers. Paolo Ardoino, the CTO of Bitfinex, recently discussed the rising ETH value in an investor letter sent to news.Bitcoin.com. “Ethereum is apparently going to the moon as it reaches another high of more than $ 1,700,” Ardoino wrote.
‘There are many moving parts to the second largest cryptocurrency by market capitalization. Skeptics may focus on the challenges they face. But hackers and coders like to solve problems. Ethereum was designed to be a currency to stimulate an ecosystem of applications, and we are still at the very beginning of this journey. Meanwhile, the upcoming CME Futures launch represents another milestone to become crypto an established asset class, ‘the CTF of Bitfinex concluded.
What do you think of the recent price movements within the crypto-economy? Let us know what you think of this topic in the comments below.
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