Bitcoin is once again trading above the $50,000 price tag, hitting the mark for the first time in over three months.
The world’s largest cryptocurrency by market value is up 2.5% over a 24-hour period and is currently changing hands for around $50,050, its highest point since May 15. Bitcoin’s year-to-date returns now stand at 71.4%, CoinDesk data shows.
“It’s not the first time we’ve crossed this legendary milestone, but given the advancements in the industry lately, $50,000 certainly seems justified at this time,” said Mati Greenspan, CEO of Quantum Economics.
BTCUSD Daily Chart Source: TradingView
Daily trading volume remains relatively flat and has continued to decline from days prior, though price action remains above a key indicator used to gauge the momentum of a given trend.
“The market continues to hover over the 200-day moving average with bulls still in play,” Toby Chapple, head of trading at digital asset firm Zerocap, told CoinDesk via Telegram. “Relative outperformance by cardano, ether, polkadot, uniswap and others have provided a supporting bid for BTCUSD in recent days.”
Bitocin is flashing signs of medium-term pricing in the form of long interest from investors. Though the futures pricing is certainly not what it was compared to earlier this year, Chapple added.
BTC Futures Annualized Rolling 1 month Basis
Larger global issues including the upcoming U.S. Federal Reserve meetings at the end of August and a Federal Open Market Committee meeting in September may cause the market to consider any possible moves on global liquidity, Chapple said.
“Any move by the Fed would be negative for price action and involve possible contagion from a risk-off event in traditional markets.”
Other cryptos in the top 20 by market capitalization also rallied on bitcoin’s move with cardano, litecoin, and uniswap clocking the highest gains between 2%-12%.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Follow us on Telegram
Stay updated of all the news
Will Dogecoin (DOGE) price pull an XRP and rally 60% next week?
Dogecoin price has been in a tight range bound movement since November 22. However, the recent recovery above the range low looks promising and hints at an explosive move for next week.
SEC Chair Gary Gensler’s latest call signals tough times ahead for crypto players
US Securities and Exchange Commission (SEC) chair, Gary Gensler, has hinted at tough times ahead for crypto players. In his testimony before the House Appropriations Subcommittee on Financial Service and General Government, Gensler advocated for additional infrastructure.
Crypto firms' de-banking escalates as banks reject applications due to liquidity and regulatory concerns
The crypto market has been facing hurdle after hurdle since Q2 2022 when Three Arrows Capital collapsed, which worsened in November 2022 following the bankruptcy of FTX. This led to a number of crypto companies falling.
Making a case for Binance Bicasso NFTs playing catalyst to BNB price recovery, $357 incoming?
BNB price is up three days in a row despite the legal tussle between the largest exchange by trading volume, its CEO Changpeng Zhao (CZ), and the Commodity Futures Trading Commission (CFTC).
Bitcoin: Breaking down key BTC levels to accumulate for Q2, 2023
Bitcoin price shows an interesting outlook as the first quarter of 2023 comes to an end. BTC has shown strength since day one of 2023 and has netted investors approximately 70% in returns.