Bitcoin crosses the $50,000 mark as most cryptocurrencies rise

Mohammed Abdelkhalik
September 2, 2021

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Bitcoin once again crossed the $50,000 level during Thursday trading with all major cryptocurrencies rallying strongly including Cardano which traded above $3 for the first time.

The first cryptocurrency by market capitalization rose 5.3% to reach $5,035, while Cardano, the third digital asset by market capitalization, jumped 8.6% to $3,054, after previously hitting a new record high of $3,099. The second cryptocurrency also rose The largest cryptocurrency with 6.1% is trading at $3,759.

The total cryptocurrency market cap has risen to $131 billion for the period since Monday and now stands at $2.22 trillion.

Bitcoin monthly gain of more than 12%

The cryptocurrency ended the first week with a loss of about 1.2% in its first weekly decline in five weeks, however, it is worth noting that the bulls managed to avoid a breakout below the $46,500 level.

Last Monday, Bitcoin corrected its price to $46,965 and continued its bullish momentum on Tuesday, August 31, to trade above $48,000, ending the first crypto month of August with a gain of 12.6%.

Midweek trading started on Wednesday with a drop to $46,500, but the bulls were quick to respond and defended the support line, with the currency up 3.7% and closing the day at $48,850, what we saw on Thursday is a strong reversal to the upside as it trades The price is around $50,000.

Cryptocurrencies can replace cash

The financial world expects blockchain technology to infiltrate current economic practices, as industry disruption is imminent as the banking sector is already considering digital assets, with customer demand outpacing critics’ skepticism, JPMorgan has become the industry opinion leader in digital assets, specifically in relation to Bitcoin.

The latest survey shows that digital assets are widely expected to adopt digital assets, 43% of respondents assert that implementing digital central bank currencies will help companies defend “data collection by private companies,” 41% assert that they will provide “new payment innovations,” and Furthermore, 81% of them claim that blockchain technology is scalable on a large scale and has achieved mainstream adoption.

Author Mohammed Abdelkhalik

Professional Trader and Analyst, economist in Financial and Forex market since 2004.holds an MBA from the American University in Egypt. Mohammed works as an economic writer and technical & fundamental analyst for many international Forex and financial trading companies in both English and Arabic on a daily basis.