- Bitcoin jumps over $50,000 on Thursday, while ether’s price accelerates to $3,840
- Growing demand for NFTs and DeFi projects is fueling the upside swing in the price of ether
Bitcoin Rises to $50K Threshold
Early September deals in the crypto space have been largely positive for the major cryptocurrencies and the broader digital asset market in general.
On the first trading day of the month, the second-biggest token, ether, surged over 12% to a three-month high of $3,790 per coin. On Thursday, the Ethereum coin jumped to a session high of $3,840.
The original cryptocurrency, Bitcoin, managed to rise above $50,000 early on Thursday as Bitcoin bulls gathered enough buying momentum to climb over the tough-to-break milestone.
Surging demand for NFT apps and DeFi projects has allowed the Ethereum token to run ahead of Bitcoin in terms of price performance not only this week but throughout the year so far. More recently, ether gained 36% in August, more than double the 13% growth for the leading digital currency.
Crypto Momentum Kickstarts the Month
In the longer run, ether’s annual gain of over 400% has outperformed Bitcoin’s yearly advance by the biggest margin since 2018.
Blockchain development took off this year with the native token of the most-used blockchain leading at the forefront. Following the major Ethereum upgrade, code-named London, ether has been in a relentless pursuit for higher appreciation.
With Bitcoin regaining the $50,000 threshold earlier today, the flagship token is about 22% away from its record high of $64,800 reached on April 14.
Ether’s skyrocketing price over the past couple of months has erased the majority of the losses accumulated from mid-May to mid-July. The Ethereum token is now about 13% away from its record high of nearly $4,400 set May 12.
As Bitcoin and ether are gathering steam to kickstart the month, other coins are also moving higher on the board, particularly new introductions to the top 10 list in the market. Solana’s SOL token maintains its march higher on Thursday as its price has climbed over 5% to levels near $120.
Solana has added over $20bn, or 70%, to its market capitalization in the past seven days. The growth rate places it in the number one spot in terms of seven-day performance among the 10 biggest cryptocurrencies.
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