Bitcoin Gyrates Near $50,000 as Bullish Sentiment Remains

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Created by TradeOr

3rd Party Analysis 24 Aug 2021

Key Takeaways

  • Bitcoin and peers keep steady near weekly highs as upbeat momentum continues
  • Improved outlook underpinned by wider adoption has seen bitcoin shoot up 70% in 30 days

Bitcoin Gyrates Near $50,000

The cryptocurrency market has been trading above the $2tn market cap for the past several days after months of weak performance marked the digital asset activity. On Tuesday, the price of bitcoin remains pinned near the $50,000 mark as crypto bulls lifted the leading token a day earlier to a session high of $50,500.

After bitcoin slumped earlier in the session today and reached an intraday low of $48,760, the bullish sentiment has picked up momentum and the orange coin is now trading around $49,700, up less than 1% on the day.

Beside the slight move higher in bitcoin’s price, other cryptocurrencies, including Ether, Cardano and Dogecoin, are also ticking up during today’s market action.

The so-far fast-paced recovery from the July nadir has largely improved the mood over the nascent cryptocurrency space that now hovers at a valuation of $2.15tn. Across the board, major tokens have seen their prices accelerate between 50% to 100% over the past roughly 30 days.

PayPal’s Crypto Move

Supporting yesterday’s move higher was PayPal’s decision to allow UK customers to buy, hold, and sell bitcoin, as well as ether, Litecoin, and Bitcoin Cash. In November, the payment company introduced the same feature for its US customer base.

The roll out of crypto purchases to PayPal’s UK clients was another step toward broadening the access to the fast-evolving digital token space. Asset managers and institutional investors have been racing to find ways to hold bitcoin even amid regulatory pressures that until recently cast a shadow over bitcoin and its peers.

Over the past five weeks, however, the ever-shifting prices of bitcoin have been in a steady climb as bullish expectations have improved the outlook for growth and wider mainstream adoption. The solid 70% upside swing in bitcoin’s price over the past 35 days has restored the confidence that cryptos can flourish despite regulatory challenges around the world.

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