Cryptocurrencies Eclipse $2.3tn as Bitcoin Tops $52,000

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Created by TradeOr

3rd Party Analysis 06 Sep 2021

Key Takeaways

  • Major cryptocurrencies finish the week strong; bitcoin jumps above $52,000 on Monday
  • Monday’s early deals point to a continued move to the upside, bitcoin hovers above $51,000

Cryptocurrencies Move Upwards

Cryptocurrencies pushed above the $2.3tn valuation milestone in late Friday deals as market participants increased the buying momentum. Digital assets broadly gained 10% during last week’s trading. Thus cryptos climbed from $2.1tn on Monday to levels above $2.35tn by the end of the week. The entire crypto market has almost doubled since July 20 when it bottomed to a low of $1.24tn.

Over the weekend, major crypto assets traded mostly flat and slightly higher as the recent upside swing appeared to be taking a breath while hovering near the weekly highs.

Among the 10 biggest coins, Ether, Solana and Polkadot were among the best performers. Ether gained more than 22% over the past seven days, while Solana and Polkadot added 46%, and 30%, respectively, for the same time period.

Bitcoin Shunted Aside

Meanwhile, bitcoin, the world’s largest cryptocurrency, added a little over 3% Monday through Sunday. The original digital currency briefly spiked above $51,000 on Friday, trading at levels last seen in mid-May. Bitcoin finished weekend trading near $50,500 per coin.

The leading token has recently been shunted aside as the market’s focus has been pinned on the fast-growing NFT and DeFi sector. Non-fungible tokens, (NFTs), and decentralized finance (DeFi), have swept the cryptocurrency market resulting in a sharp price appreciation of blockchain tokens, particularly Ether, and Solana.

Nevertheless, bitcoin was able to close its fifth straight day in positive territory on Sunday. Ether broke a streak of five consecutive winning sessions on Saturday when the token ended the day lower by less than 1%.

Monday’s early action has seen major cryptocurrencies search for direction as traders and investors prepare to enter the week.

Bitcoin spiked above $52,000 in the early trading hours of Monday’s session, a price level unseen since mid-May. However, the original coin declined slightly after its new weekly high and is currently trading near $51,800 per token. Ether remains steady near its opening level around $3,950 per token.

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