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Friday, September 24, 2021

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Bitcoin prolongs its rally above 51,000 and hits new highs

After several attempts above the $ 50,000 band, bitcoin has finally managed to pass this mark and has prolonged its rally of the last week to price levels of almost $ 52,000. The queen of cryptos has marked this September 5 a milestone since May 12 at $ 51,800 and maintains increases of almost 8% in the last seven days. The outlook in the ‘altcoins’ could not be more buoyant, with increases for ethereum of almost 24% since last Monday.

The total capitalization of all the tokens is close to 2.35 trillion, while the cardano, the binance coin or the ripple remain green. The Solana project token, on the other hand, corrects its rises in recent days and falls by around 1%, despite the fact that accumulates a boom of more than 40% in recent days (up 400% in August).

The bitcoin maintains the positive trend of recent weeks, “but progress is slow”, says Alejandro Zala, Bitpanda’s country manager in Spain. During the last four weeks of trading, volumes have steadily declined as investors showed a strong preference for ‘altcoins’. In fact, the ‘Altcoin season index’, the index that analyzes the behavior of alternative currencies with respect to bitcoin during a certain period of time, shows that investors have a strong preference for the rest of tokens.

“The Major ‘altcoins’ have surpassed the queen of crypto in the past month, although August was one of the most profitable months of this year for the creation of Satoshi Nakamoto, with a growth of 20% “, indicates Zala.

About the rest highlights the ether, unit of the Ethereum network, which “is experiencing an upward momentum and a descending wedge breakout on top of a very bullish monthly candle close for August, “underlines Bitpanda’s country manger in Spain.

“Ethereum is clearly the stronger of these two currencies in 2021 and has so far outpaced bitcoin with a 360% profitability so far this year, while bitcoin is up around 70%,” Zala rounds out.

In this context, ‘Bloomberg Intelligence’ has reiterated its predictions for both ‘cryptos’. The senior strategist of commodities of the division of ‘Bloomberg’, Mike McGlone, has reaffirmed his forecasts of $ 100,000 bitcoin price, seeing $ 5,000 for ethereum as the path of least resistance. Expect the cryptocurrency market to thrive in a “renewed bull market.”

Emphasizing that “bulls are in control,” the analyst stated in the September issue of Bloomberg Crypto Outlook, published on Friday, that “having survived the correction, crypto assets [est├ín] now ready to prosper “as”the bull market has been reactivated“.

Tammy Sewell is our Writer and Social at OICanadian.com. Tammy loves sports, she writes our celebrities news. She spends time browsing through several celebs news sources as well the Instagram. Email: [email protected] Phone: +1 513-209-1700

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