Bitcoin is trading above the $50,000 price tag once again. Moreover it is hitting the mark for the first time in over three months. The world’s biggest cryptocurrency by market value is up 2.5% in the pas 24-hour period of time. And also it is currently shifting hands for around $50,010.This is its highest point since May 15. Bitcoin’s year-to-date returns now stand at 71%.
“It’s not the first time we’ve crossed this legendary milestone, but given the advancements in the industry lately, $50,000 certainly seems justified at this time,”. Mati Greenspan, the CEO of Quantum Economics said.
“The market continues to hover over the 200-day moving average with bulls still in play,” Zerocap’s Toby Chapple said. Daily trading volume stays relatively flat and has kept decraesing from days prior, although price action stays above a key index used to gauge the momentum of a given trend.
“The market continues to float over the 200-day moving average with bulls still in play,” Toby Chapple, the head of trading at digital asset firm Zerocap talked about it. “Relative outperformance by cardano, Ether, polkadot, uniswap and others have provided a supporting bid for BTCUSD in recent days.”
Bitcoin medium-term pricing
Bitcoin is flashing signs of medium-term pricing in the shape of long interest from investors. Though the futures pricing is certainly not what it was compared to earlier this year, Chapple added.
Larger global issues containing the upcoming U.S. Federal Reserve meetings at the end of August and a Federal Open Market Committee meeting in September may cause the market to think about any probable moves on global liquidity, Chapple said.
“Any move by the Fed would be negative for price action and involve possible contagion from a risk-off event in traditional markets.”
Other cryptos in the top 20 by market capitalization also rallied on Bitcoin’s move with cardano, litecoin, and uniswap clocking the highest gains between 2%-12%.