Bitcoin surpasses $50,000 for the first time in four weeks
By MYBRANDBOOK
The world’s biggest cryptocurrency Bitcoin exceeded the $50,000 mark for the first time in 4 weeks.
The cryptocurrency fell below that level on September 7 amid a broader reimbursement in shares of cryptocurrency and blockchain related firms that day. It continued to fall in September, hitting a low of $40,596 on September 21.
The new week began with an impulse growth for the cryptocurrency market. The cryptocurrency had started showing positive results at the beginning of this week itself. Bitcoin opened trading at Rs. 36,53,453 (roughly $49,285) - representing an overall rise in its exchange value after it was priced around Rs. 34,23,691 (roughly $46,082).
“Bitcoin has seen an impressive recovery after the crash it witnessed in the last leg of September. Volumes have shown good traction, and momentum is strong too. Bitcoin sees a strong resistance at $50,000, and if it does beat that level, a fresh rally can be seen. Bitcoin dominance is up to 43 per cent now, and the market capitalization is close to the $900 billion mark. If it breaks the psychological resistance of $50,000 then we may expect the prices to further rally up to $53,000 to $57,000”, said ZebPay Trade Desk.
Other popular cryptocurrency including Ether and Binance coin and Cardano increased as well. While Ether jumped 3.51% to hit $3,453, Binance Coin climbed 4.57% to $439.08 in the last 24 hours. Cardano surged 2.14% day to day.
India, Vietnam and Pakistan are largely helping in expansion of the cryptocurrency markets in central and southern Asia, according to Chainalysis. In a report, it mentioned that India’s market grew 641% over the past year and Pakistan’s 711%.
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