Bitcoin Price Spikes as Ethereum Reaches 3-Month High
Bitcoin price spikes near $52,000 after a slowdown as Ethereum drives the altcoins family to a 3-month high amidst a fresh cryptocurrencies rally. With strong gain recorded in the recent time, after moving from $29,000 level, cryptoassets market valuation has crossed $2 trillion again, far more than African countries entire balance sheet.
While El Salvador is making history becoming the first country in the world to adopt BTC as legal tender, African leaders are playing politics with blockchain technology.
Data from the cryptoassets show that some altcoins are also well in the green, with Binance Coin trading above $500 and Chainlink spiking 15%.
In the past few weeks, the largest cryptoasset commence started an uptrend, breaking resistance, though it recorded mid-week price drops below $47,000.
BTC price exceeds $52,000 briefly, the new highest price point since the mid-May correction following China’s crackdown and regulatory demand from countries around the world.
UK financial watchdog Seeks to regulate digital assets
It will take a great deal of careful thought to craft a regulatory regime for the decentralised world of cryptoassets, Britain’s Financial Conduct Authority said on Monday.
There appear to be two cases where regulators should have powers to take action: to reduce harm from cryptoasset promotions, and to stop contagion at authorised firms from unregulated activities in digital tokens, FCA Chair Charles Randell said in a speech.
Despite retracing with a few hundred dollars since then, Bitcoin’s market capitalization sits near $1 trillion, while the dominance over the altcoins is still at 41.5%.
Read Also: Cryptoassets as National Currency? A Step Too Far
On September 5, the flagship cryptocurrency, Bitcoin, rallied from the $50,300 area, adding $1,000 in a long green candle. Here’s are likely reasons that drove BTC above the do-or-die resistance threshold.
The price Bitcoin managed to close the weekend with was $51,911 and it was the highest level BTC reached since mid-May.
Data provided by the Santiment on-chain analytics agency shows that one of the triggers for this rally is the surging interest in altcoins that have also been rallying recently and some of them outperforming the king crypto Bitcoin.
On September 4, Ether managed to briefly top the $4,000 level, reaching a 3-month high, and then fixed in the $3,900 zone. From the start of the year, Ethereum showed a growth of approximately 312 per cent to the all-time high of $4,362 it hit on May 12.
Meanwhile, Bitcoin rallied around 121 per cent since early January to the all-time high of $64,863 reached on April 14. At the moment, though, Bitcoin is still almost 20 per cent below its all-time high.
After Bitcoin went down to $29,000, whales started closing all their short positions, expecting no further drop of the price, according to analysts.
Bitcoin Price Spikes as Ethereum Reaches 3-Month High
