Bitcoin returns above $50,000 again
2 min readTL;DR Breakdown
- Bitcoin price surges above $50,000
- Altcoin market go green
After the entire crypto market stabilized yesterday with Bitcoin price roaming directly below $50,000, the coin has finally broken the resistance and now trades above $50,000.
It leaped 5 percent higher to cross the $50,000 threshold for the third time this year and trades at the time of writing for $51,005, according to Binance mobile app. Amidst BTC’s extreme volatility recently, the price dipped from $58,000 to $49,000 overnight.
Amidst the high volatility, a chart shared by Glassnode showed that new Bitcoin buyers didn’t panic sell during the correction. It indicates growing confidence in the currency’s long-term prospects.
Also, business analytics firm MicroStrategy continued its bullish Bitcoin buying spree amidst the dipping price and high volatility. They bought $10 million more BTC, making their total coin hitting $4.4 billion.
Altcoin market follows Bitcoin to return green
The other cryptocoins also lined-up behind BTC to begin correction and find their way up.
Ethereum, the altcoin with the highest market cap, rose by 7 percent. However, at $1,667, it’s still 17 percent shy of its ATH of over $2,000 only weeks back. Similarly, XRP, BCH, EOS, DOGE, among others, have also been going back up.
Also, the decentralized finance (DeFi) coins are on the up, too. Uniswap’s UNI observed the highest growth in the top 10 currencies by market capitalization. The native token of the world’s largest decentralized finance exchanges surged over 12 percent overnight to trade at $31.41. That makes for a seven-day growth of 40 percent.
AAVE coin, which powers decentralized lending, also experienced similar growth. Aave’s token grew 10 percent overnight to land at $404.95. That’s still almost 30 percent down from its all-time high of $559.12 this time last month.
The surge comes days after Aave CEO Stani Kulechov spoke about being involved in yield farming, calling current yield farming practices “pretty much printing money.”
