A month ago, the price to buy Bitcoin was around $40,000 and facing strong resistance, leaving many speculating if a full recovery from May’s cryptocurrency crackdown was possible. Other analysts including BTC Peers have suggested that Bitcoin’s trajectory is on track to reach the milestone of $100,000.
The cryptocurrency giant rallied past the resistance bar of $40,000 and even surpassed $45,000, within a week between the 5th and 11th of August. The sudden price incline occurred despite the continuation of adverse media for the cryptoasset industry. Many investors including BTC whales evidently disregarded dogmatic narratives and negative news cycles, when making their decision to buy bitcoin (BTC). Once the price to buy Bitcoin had passed the $40,000 barrier, the next resistance of $50k was met on August 23rd.
Recently, Bitcoin has reclaimed the $50,000 price threshold for only the second time at the time of writing and is making good pace on a full price recovery since the cryptocurrency legislative crackdown. Within the last 24 hours, Bitcoin has increased 5.5% accordingly to CoinGecko, with the Bitcoin price reaching a high of $50,171 drawing a total market capitalisation to $941.6 billion. Bitcoin (BTC) also retains the position as the highest ranked cryptoasset by market dominance 40.6%.
The closest adversary to Bitcoin in terms of size, Ethereum (ETH), is also performing well. As of writing, Ethereum is up by 5.8% in a 24-hour period and has barraged past a suborn $3800 resistance barrier.
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