Bitcoin has once again edged past the marquee $50,000 mark after a wild run in the past 2 weeks that pushed tech-hardened evangelists to purchase more of the cryptocurrency.
This is the first time in almost a month that the world’s flagship cryptocurrency – largest by global market cap – has peaked above $50,000. At the time of writing, BTC was comfortably trading at $50,215 according to CoinMarketCap.
Many factors could have influenced Bitcoin’s current push toward record highs as miners across the globe enjoyed millions in revenue despite strict sentiments expressed by countries like China. From Edward Snowden’s endorsement of the cryptoverse to the USA’s renewed leniency towards cryptocurrency adoption – a few guesses here and there might help determine the indicators that inspired Bitcoin’s current bull run.
A similar trend was observed in the lower caps, with coins such as Ethereum, Binance and Dogecoin edging past encouraging levels in the past 24 hours. At the time of writing, Ethereum – second-biggest cryptocurrency by market cap – was up by 3.28% to $3,445. Binance Coin was trading above the $440 level (+2.65%), while the fan-favorite Dogecoin was trading blows at $0.23 (+10.53%).
Solana – the 6th largest cryptocurrency by market cap – continues to amaze analysts with its sharp rise. At the time of writing, it stood at $168.8, up by 1.21% in the last 24 hours and 24% on the seven-day index.
Many analysts were unsure about this movement at the start of the week due to uncertain news floating across the crypto space, because in a volatile market, more positive news spells doom for investors in the near-term.
While optimism is fairly evident amongst experts and analysts alike, the bull and bear market for Bitcoin is showing no definitive signs for a sound closing on Friday evening, something that the crypto streets wouldn’t pay any attention to.