Bitcoin and Cryptos Keep Higher on Pace to End the Week Higher

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Created by TradeOr

3rd Party Analysis 13 Aug 2021

Key Takeaways

  • Bitcoin remains on track for a fourth positive week despite Thursday’s drop
  • Entire crypto market valuation hovers in the region of $1.95tn, up 10% on the week

Bitcoin and Cryptos on Solid Uptrend

The leading digital asset, bitcoin, along with other major tokens, have lifted the market capitalization this week to levels eyeing the $2tn milestone. After a brief moment of hovering above the $2tn market capitalization on Wednesday, bitcoin and other coins have upheld the entire value of the market hovering around $1.8tn to near $2tn.

On Friday, the cryptocurrency market, represented by over 11,000 cryptocurrencies, is gravitating toward $1.95tn. up roughly 10% over the week. Bitcoin’s share of the market now stands at roughly $870bn, or a 45% dominance. The leading crypto token is currently changing hands at price levels around $46,200 per coin, up around 4% so far on the day.

Ether, the second-biggest digital coin, commands a market capitalization of nearly $375bn, or a market share of nearly 20%. The token powering the Ethereum network is now trading at $3,220 per coin, up almost 5% today.

Major crypto assets slipped on Thursday but remain on pace to end the week in positive territory. Bitcoin was not able to climb consistently for a fourth straight day and ended the session lower by 4.5%, at $44,300. The original coin, however, could log its fourth straight week of gains.

Ether’s performance was also negative on the day. The second coin by market value snapped a three-day winning streak and finished the day with a loss of 6%, to $3,040.

Improved Sentiment for Digital Assets

Bitcoin started the week at an opening price of $43,800 and is looking set to end the week with a gain of about 7.5%, if price remains at current levels near $46,200 until the market closes for the day.

Ether is also in positive territory for the week. So far, its price is higher by roughly 7.7% since Monday.

As the slew of negative headlines appears to have been lifted from the crypto space, the backdrop for digital assets has improved significantly over the past three weeks. Upbeat crypto investors’ expectations for bitcoin and peers have been reflected in the recent price appreciation of major tokens. Since July 21, bitcoin’s price has added about 50%, while ether has gained nearly 75% to its valuation.

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