The cryptocurrency market bounced back from a 50% decline in value in May. The largest cap cryptocurrency, BTC, hit nearly $50,000 after its historic loss in the second quarter of the year.
The price of Bitcoin was $48,471 on Sunday the 22nd of August. It saw a slight 1.41% drop in 24 hours, according to platform CoinMarketCap. Yesterday the cryptocurrency was trading at $49,821 and everything indicated that it would cross the line and hit $50,000.
Bitcoin rebounded after trading above $30,000 for most of June. At the start of the second quarter of this year, BTC was priced at $65,000, which is the cornerstone of the crypto. However, that streak of gains didn’t last long, as the crypto collapsed in May and hasn’t fully recovered since then.
Ether was also affected by the rise in BTC and today reached the value of $3,182. Ether has been in an uptrend for over a week since the ETH 2.0 plan was launched.
If you compare this year’s cryptocurrency launch with 2020, you can see staggering growth. According to Blockchain network data agency Chainalysis, this cryptocurrency has increased 881% in the last 12 months. 2021 could be the year of cryptocurrencies, and uptake is expected to increase much more rapidly over the next year.
The price of the cryptocurrency-focused world market hit $2.16 trillion on Sunday, according to data shared by CoinGecko.com. However, crypto trading held at $109 billion this weekend.
Is a new Bitcoin ATH expected before the end of the year?
BTC Rice indicated that it could overcome its resistance before the end of August, hitting $50,000. The 1st cryptocurrency on the market has overcome all capital losses, which can help it reach new heights forever.
It’s uncertain whether the BTC price will break through the $65,000 mark, but if it holds up, it might hit the target. Regulations on cryptocurrencies have calmed down in Asia, and prospects point to a new wave of cryptocurrency adoption in Central America and Latin America.
Bitcoin started its gains in early August and the market is expected to remain so for several weeks. Cryptocurrency adoption is growing organically, not on speculation, which increases the chances of cryptocurrencies hitting new highs.