Friday, September 17, 2021

Bitcoin reaches $50,000 after surging $4,000 in a day.

The Takeaway:

The entire crypto market cap has seen a three-month record as the leading cryptocurrency bitcoin surged by $4,000 in a day to reach above $50,000.

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After a few consecutive days of losing value, bitcoin skyrocketed by more than $4,000 in just one day and broke above $50,000. Most altcoins are also in the green, with ETH eyeing $4,000 and Cardano marking a fresh ATH above $3. The primary cryptocurrency had its fair share of struggles in the past week or so. Last Monday, it briefly surpassed the $50,000 mark, but the bears didn’t allow any further gains.

 

Bitcoin makes a surprising jump. 

 Aside from a few unsuccessful breakout attempts, Bitcoin was mainly losing value. This culminated yesterday when the cryptocurrency fell to a multi-day low of $46,500 (on Bitstamp). The situation quickly changed at that point, though. Instead of falling further, bitcoin started to increase in value rapidly. It added more than $4,000 in a day and spiked above $50,000 once again. Despite retracing with a few hundred dollars since the intraday peak, BTC still remains above $50,000 at the time of writing on CoinMarketCap. Furthermore, its market capitalization has increased to nearly $950 billion.

 

Altcoins also witness a surge as ETH nears $4,000.

Alternative coins have outperformed the leading cryptocurrency bitcoin in the past week or so. This is why the BTC dominance has declined rather significantly in this period. Ethereum has been at the forefront as it pumped from $3,100 to $3,600 in just a few days, as mentioned yesterday. The past 24 hours saw even more gains for the second-largest crypto, which went to an intraday high of $3,850. Despite retracing by $100 since then, ETH is still more than 6% up on the day. Cardano also broke above $3 for the first time ever to set a fresh all-time high.

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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