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Saturday, May 15, 2021

Bitcoin Reclaims Over $50K Mark, Crypto Market Back In Motion

Bitcoin has successfully managed to reach the price level of $50,000 for the 3rd consecutive time within 2021 along with the boom of decentralized finance once again.

After the shocking crash, cryptocurrency markets have revealed signs of gradually stabilizing on 7th March. However, today they are moving at an exponentially rapid pace again. Especially Bitcoin has overnight jumped up by 5% in order to exceed the $50K mark for the 3rd time in 2021. Presently BTC price is trading at $50,700.

With Crypto Market Booming, Bitcoin Surges Over $50K

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Even though there is extreme volatility in Bitcoin since the recent drop to $49,000 from a massive $58,000 on 21st February. Glassnode has reported that the new buyers of Bitcoin are not panicking while selling at the time of correction. This suggests growing confidence in the long-term prospects of the currency.

Over the weekend, crypto HODLers restored their confidence after the data and cloud of the US analytics company MicroStrategy continued their bullish BTC buying spree despite declining prices. They purchased an additional $10 million as well as upgraded their holdings on BTC to a whopping $4.4 billion.

In addition, Ethereum surged by 7%, reaching $1,667. There is considerable excitement over the upcoming EIP-1559 upgrade. During this weekend ETH prices were 20% more than last weekend.

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The native token of DeFi, UNI by Uniswap broke through the top 10 leading crypto assets by market cap after growing by an enormous 50% in a week.

AAVE also experienced similar growth of 10% and hit the $404.95 mark. Nonetheless, it still 30% less than their last all-time high at $559.12.

Following the turbulent beginning of February, the cryptocurrency sector is now moving smoothly once again.

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