Bitcoin Surge powers price predictions of $ 100,000 as massive Ethereum, Cardano, BNB, XRP and Dogecoin rallies push crypto to over $ 2 trillion
Bitcoin, after crashing below $ 30,000 per bitcoin in July, fell through August.
Bitcoin price, which is up 40% from then last month, is approaching the psychological level of $ 50,000 per bitcoin – aided by the rising price of Ethereum, Cardano, Binance’s BNB, Ripple’s XRP, and the meme-based Dogecoin .
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While cryptocurrency prices are rising across the board, sending the combined crypto market firmly above $ 2 trillion for the first time since May, some Bitcoin and crypto investors are confident that Bitcoin price will surpass its all-time high of over $ 60,000 could.
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Bitcoin price topped $ 60,000 per bitcoin in April before tumbling back below $ 30,000. Now, … [+]
“[Bitcoin’s] there’s still plenty of room to hit the old high, “said Mike McGlone, chief commodities strategist at Bloomberg Intelligence, in a television interview this week [bitcoin] only Ethereum follows, it goes to $ 100,000. “
Ethereum, the second largest cryptocurrency by value, overtook Bitcoin this year, with its surge fueled by major upgrades, the booming decentralized finance (DeFi) market, and the NFT craze – both with DeFi trying to get traditional funding without Restoring need for banks and NFTs, unique digital crypto tokens tied to online media and based almost entirely on Ethereum.
The price of Ethereum is up nearly 700% year over year, while Bitcoin is up about 300%. Other top ten cryptocurrencies – including Ethereum rivals BNB and Cardano, as well as Ripple’s XRP and Elon Musk’s favorite project Dogecoin – have made above-average profits compared to Bitcoin.
Ethereum is up 70% in the last month alone, while BNB is up 30%, Cardano is up 65%, Dogecoin is up 50%, and XRP has doubled. After huge Ethereum, Cardano, BNB, XRP and Dogecoin rallies, some expect Bitcoin to make profits.
“Bitcoin appears to have built a base of around $ 30,000 at the start of 2019, which is comparable to $ 4,000, and we’re seeing performance parallels that push benchmark crypto back on track towards $ 100,000 wrote McGlone in his August report earlier this month.
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Bitcoin price has risen over the past month but has been left in the dust by Ethereum. … [+]
Tom Lee, the head of research at Fundstrat Global Advisors, believes Bitcoin was due to an increase and points to technical trading data.
“With Bitcoin Crossing above [its average price over the last 200 days]”We believe Bitcoin will rebound strongly,” Lee wrote in a year-end note first reported by CNBC.
Others, however, are more cautious. David Russell, Vice President of Market Intelligence at TradeStation, has warned that Bitcoin may “pause” from its July lows after its rally.
“[Bitcoin’s] near the same level below which sellers became aggressive [in mid-May]”Russell said in email comments.” This is the most significant area of resistance Bitcoin has seen in the current rebound. “
“We believe that the market should take a breather here,” said the managing director of the Delta crypto derivatives exchange, Pankaj Balani, via email.
Balani predicts that Bitcoin price will rise above the $ 50,000 mark in late August or early September – “a clear breakthrough above it should attract new flows and send a strong signal that the market correction may be over.”