In brief:-
- From several weeks cryptocurrency trading in the range of $30,000 to $40,000
- Overall Crypto market is moving with a bullish Sentiment.
- The second largest cryptocurrency Ether is trading up about 2% at $3,302.59.
Bitcoin topped the $ 50,000 level again late Sunday, for the first time since May.
Bitcoin is up by 2.6% in the last 24 hours, 5.6% in the last week. It hit an all-time high of over $64,000 in April but sold off highly in June-July.
The current price of Bitcoin at Coingeccko is $50,164.18. From several weeks of cryptocurrency trading in the range of $30,000 to $40,000.
The main reason for the drop was regulatory scrutiny from Chinese authorities to shut down bitcoin mining operations. Another reason Tesla CEO Elon Musk said his company would no longer accept Bitcoin as payment. Bitcoin was last above $50,000 in mid-May.
Other tokens including Ether and Cardano’s ADA, are also rising. Ether is trading up about 2% at $3,302.59. The total crypto market volumes stand at $103.30 billion, which was a $1.29 percent decrease over the previous day.
Rick Bensignor, chief executive officer at Bensignor Investment strategies, wrote in a note Monday that Bitcoin is “ getting nearer the higher end of what I expect as a new trading range in the low $40,000 to low $50,000.”
