Cryptocurrency Prices Drift Higher with Bitcoin Briefly Above $53,000

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Created by TradeOr

3rd Party Analysis 07 Sep 2021

Key Takeaways

  • Bitcoin extends winning streak to seven straight days as the coin hovers above $52,000
  • El Salvador becomes the first country to adopt bitcoin as legal tender on September 7

Cryptocurrency Market on an Upward Trend

The cryptocurrency market continued its upbeat performance on Monday, following a 10% gain over the previous week. Major digital tokens, including Bitcoin, Solana, and XRP, gained on the first trading day of the week to build on an already strong upside momentum for September.

Tuesday’s market action pushed the price of bitcoin above $53,000 per coin. The rise, however, was rather short-lived, and bitcoin retrenched under the milestone to a current market price of around $52,300.

Solana’s SOL token reached almost $200 earlier today, setting a new all-time high.

Bitcoin gained less than 1% to log its sixth day in positive territory on Monday. Ether, the second-largest coin by market valuation, finished the day in the red as buyers could not sustain the sharp upside swing from last week that took the asset to a three-month high of $4,023 on Friday.

Solana and XRP were among the best performers in the top 10 on the day. Solana’s SOL token added nearly 14% on Monday, to reach a high of roughly $160. XRP pushed higher by about 8% to settle near $1.40 per coin.

Difficult Times for Bitcoin

Looking back, the month of September has been a historically weak period for the performance of bitcoin. The original cryptocurrency, created in 2009 with a starting price of less than 1 cent, has finished September in the green only twice, in 2015 and 2016.

With bitcoin so far closing every day of the current month higher than the previous, many crypto analysts predict the flagship cryptocurrency is bound to log its third September period with gains.

Bitcoin’s price over the year has been through difficult moments. Investors, however, have sustained the positive note and the orange coin is now looking at gains of over 80% since January.

Ether’s recent push to levels near $4,000 have lifted the token’s valuation nearly 450% since the start of the year.

In other news, today El Salvador will become the first country to adopt Bitcoin as legal tender. Along with the US dollar, bitcoin will be accepted nationwide among Salvadorans. In a risky move by the Central American nation’s president Nayib Bukele, citizens will be able to use bitcoin to pay for groceries, to buy land, to pay taxes, and cover any other expense.

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