Once again the crypto market is in the green. Bitcoin could re-establish itself as a draft horse.
The crypto market is on top. After a bullish week, the market as a whole also closed with positive signs on the weekend. Bitcoin also plays the role of the draft horse again. Because with a plus of 4.2 percent compared to the previous day, BTC shows the best performance among the top 5 altcoins. Only XRP (6.1 percent) and DOT (6.3 percent) bring more horsepower to the road on today’s trading day. But Solana (SOL) is also continuing its trend and is still two percent up on the previous day. Dogecoin (DOGE) is also riding the bull wave and is 4 percent in the green with 0.311 US dollars – despite Solana temporarily displacing seventh place.
After a strong weekend, Bitcoin is now trading at around $ 51,800. With this, the BTC cops are defending the psychologically important mark of $ 50,000. In terms of market capitalization, too, a milestone is likely to fall shortly. Because at 972 billion US dollars, the market cap is only around 2.3 percent below one trillion US dollars. Most recently, in February of this year, the bulls managed to pump the total value of the network above this historic mark.
The market capitalization also shows the importance of Bitcoin compared to other assets. After all, when it comes to market cap, the cryptocurrency is already on the best list of the world’s most valuable assets. At $ 1.06 trillion, even Facebook is within reach.
Bloomberg analyst: new records in sight
It is not surprising that, after good weeks of trading, the overall picture among market observers is rather bullish. Even Bloomberg-Analyst Mike McGlone is optimistic.
After a painful correction, we see the crypto market as more likely to resume its uptrend than to drop below the second quarter lows. The question of what could keep Bitcoin and Ethereum from hitting new record highs in the second half of the year is difficult to answer. Increasing demand and acceptance contrast with a decreasing supply.
Bloomberg analyst Mike McGlone
The introduction of the Bitcoin law in El Salvador could also provide for new bull feed. Starting tomorrow, September 7th, Bitcoin will be the official currency in the Central American country. However, so far not all citizens are convinced; a protest movement has formed calling for the law that has already been passed to be withdrawn.