Bitcoin Tops $48,000 as Rally Gathers Steam

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Created by TradeOr

3rd Party Analysis 16 Sep 2021

Key Takeaways

  • Bitcoin poised to end the week in the green, trades above $48,000 on Thursday
  • The crypto market continues on its upward trajectory following the crypto flash crash last week

Bitcoin Trades Above $48,000 Early Thursday

The largest cryptocurrency by market cap, bitcoin, continued to push higher on Wednesday and early Thursday. Amid signs of improving market conditions, the price of the leading digital asset topped $48,000 yesterday for the first time after the crypto flash crash took place last Tuesday.

Bitcoin’s price climbed to a session high of $48,400 on Wednesday and finished the session at $48,100, up nearly 3% on the day. The token also closed above the 200-day moving average after having slipped below it a few days ago.

The flagship coin is trading above $48,500 in the early hours of Thursday’s market action and remains on track to finish the week in positive territory. Monday-to-date, the price of bitcoin has gained about $3,000, or more than 7% as crypto market participants are increasingly optimistic to continue bitcoin’s run toward higher grounds.

Ether Surges 5% on Wednesday

Besides bitcoin, other digital tokens also experienced a swing to the upside on Wednesday. Ether, the second most valuable coin on the crypto board, surged almost $180, or about 5%, to settle at $3,550 per coin.

The token powering the Ethereum network is also on pace to finish the week strong, so far up almost 7% since Monday.

On Thursday, ether is trading above $3,630 per token.

Ray Dalio Shares Fresh Comments on Bitcoin

In other news, billionaire investor Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, called bitcoin “an amazing accomplishment” and said that he had invested in it and continues to hold on to his bitcoin.

Mr. Dalio’s perspective on bitcoin, however, includes regulatory pressure that could even “kill” the digital currency.

“At the end of the day, if it’s really successful, they’ll kill it,” Ray Dalio told CNBC on Wednesday, referring to governments and regulators around the world being threatened by the success of bitcoin.

Despite the risks, he suggested bitcoin is a possibility to diversify an investment portfolio. “I have a certain amount of money in bitcoin,” the hedge fund manager said.

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