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Bitcoin, after dropping below $ 30,000 per bitcoin in July, roared through August.
Bitcoin price, up 40% from same period last month, is approaching psychological level of $ 50,000 per bitcoin, helped by soaring prices of Binance ethereum, cardano, BNB , Ripple’s XRP, and memes-based dogecoin.
As cryptocurrency prices recover across the board, pushing the combined crypto market firmly over $ 2 trillion for the first time since May, some bitcoin and crypto investors are confident that the price of the bitcoin could surpass its all-time high of over $ 60,000.
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The price of bitcoin topped $ 60,000 per bitcoin in April before dropping back below $ 30,000. Now, … [+]
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“[Bitcoin’s] still had plenty of room to reach the old top, ”Bloomberg Intelligence senior commodities strategist Mike McGlone said in a TV interview this week. ” Yes [bitcoin] just after Ethereum, it goes to $ 100,000. “
Ethereum, the second largest cryptocurrency by value, has overtaken bitcoin this year, with its surge fueled by major upgrades, the booming decentralized finance (DeFi) market and the NFT craze, with both DeFi, which seeks to recreate traditional financing with the need for banks and NFTs, unique digital crypto tokens tied to online media, almost entirely based on Ethereum.
The price of ethereum is up almost 700% from the same time last year, while bitcoin is up about 300%. The other top ten cryptocurrencies, including Ethereum rivals BNB and Cardano, as well as Ripple’s XRP and Elon Musk’s pet project dogecoin, have made outsized gains compared to bitcoin.
Ethereum climbed 70% 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 start making gains.
“Bitcoin appears to have built a base of around $ 30,000, which equates to $ 4,000 at the start of 2019, and we are seeing performance parallels that could put the benchmark crypto back on track towards $ 100,000,” McGlone wrote this month in her August report.
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The price of bitcoin has climbed over the past month, but it has been left in the dust by Ethereum, … [+]
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Tom Lee, head of research at Fundstrat Global Advisors, believes bitcoin is likely to rise, pointing to technical trading data.
“With bitcoin crossing above [its average price over the last 200 days], we believe bitcoin will rally strongly, “Lee wrote at the end of the year in a memo that was first reported by CNBC.
However, others are more suspicious. David Russell, vice president of market intelligence at TradeStation, has warned that bitcoin could “stop” after its rally from its July lows.
“[Bitcoin’s] near the same level below which sellers became aggressive [in mid-May]Russell said in the email commentary. “This is the most significant area of resistance bitcoin has ever encountered in the current rebound.”
“We think the market should take a break here,” CEO of Delta crypto derivatives exchange Pankaj Balani said by email.
Balani predicts that the price of bitcoin will break above the $ 50,000 level in late August or early September – “a sharp break above that should attract new flows and send a strong signal that the market correction may be over.”
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