Bitcoin prices on Friday jumped well beyond the $45,000 mark on the market. The cryptocurrency has been trading green over the last seven days with a market cap of $848.41 billion, according to information on CoinMarketCap. Lately, the price of Bitcoin has been jumping between an all-time high of $46,232 to a drop of almost 2 per cent. However, with this in mind, it should be noted that the Bitcoin prices overall have gone up by 53 per cent this year alone, despite the volatility it displays. The dominance of Bitcoin in the market at the time of this article was 44.84 per cent with an increase of 0.24 per cent over the day. The price of Bitcoin on August 13, stood at $45,193.44 with a drop of 2.06 per cent over the course of 24 hours. The digital coin was trading at 11.54 per cent over a seven-day period.
Speaking on the performance of Bitcoin, ZebPay Trade Desk said, “BTC has closed above the $45,000 mark for 2 days in this week. These levels are holding fort, thanks to good momentum and volumes. In addition to that, BTC whales are still adding to their portfolios at these levels, which is a promising sign, and a bullish indicator. This morning, BTC beat its hard psychological resistance of $46,000, which in itself is a good sign for traders and investors alike, as it goes to show that probably the bearish sentiment is over, and the outlook is positive.”
Ethereum had scaled up as well, reaching 21 per cent with a price of $3,200. At the time of this article, the price of Ethereum on CoinMarketCap.com was $3,124.63 with the price over the last 24 hours declining by 3.16. However, the altcoin maintained its trend of trading green over the last week with a 12.54 per cent upward move. Other altcoins have also shown that they have been trading green over the past week. Digital assets such as Binance Coin, Tether, Cardano and XRP have been trading at 17.55 per cent, 0.04 per cent, 43.56 per cent and 36.59 per cent respectively.
The global crypto market cap at the time of this article was $1.89 trillion, and the overall market had declined by 2.72 per cent over the last day. The total crypto market volume over the last 24 hours was $116.41 billion, which makes for a 10.95 per cent decrease according to CoinMarketCap. The total DeFi was listed as being $12.37 billion or 10.63 per cent of the total crypto market’s 24-hour volume. The volume of all the stable coins was at $91.80 billion which was 78.86 per cent of the total market volume over the last 24 hours.
Siddharth Menon, COO WazirX said, “The supply zone for total crypto market capitalization was seen at $1.75 Trillion. Recently it broke out of the supply zone where Bitcoin took the charge and led the rally all the way to $45000. The Bitcoin rally was seen due to supply shock as the BTC reserves on all the major exchanges were near the yearly lows and the other reason was short squeeze. Billions of dollars worth of short positions got liquidated and the upward momentum is expected to continue as the daily RSI(Relative Strength Index) is trading at 73.”
Speaking on the trends of the cryptocurrency market over the past week, Edul Patel, CEO and Co-founder of Mudrex said, “The fantastic rally that was present across the crypto spectrum over the past week came to a halt. The past 24 hours witnessed a massive profit booking across the crypto spectrum. It was an immense profit booking session, and that was evident as the total crypto market capitalization declined more than 5%, and the traded volumes shot up tremendously.”
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