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Digital Coins Steady Above $2tn, Bitcoin Surges Above $50,000

Digital Coins Steady Above $2tn, Bitcoin Surges Above $50,000

Created by TradeOr

3rd Party Analysis 23 Aug 2021

Key Takeaways

  • Bitcoin and alternative coins kept moving higher over the weekend
  • Entire crypto market holds steady at a valuation of over $2tn, Bitcoin blows past $50,000

Digital Coins Steady

Bitcoin pushed above $50,000 late on Sunday while the cryptocurrency market traded firmly above the $2tn price tag over the weekend. Digital asset supporters approached the market with increased enthusiasm after they struggled to regain the significant thresholds.

Now that the entire crypto market has crossed the valuation of $2tn, many alternative coins of all cap sizes have moved higher on the currency board. Cardano (ADA) pushed to a new all-time high on Sunday. Beside Cardano, Litecoin, IOTA, and Monero were also among the best performers.

Bitcoin surged to a three-month high late on Sunday as the coin eclipsed the $50,000 milestone. Strong upside momentum appeared near the final hours of Sunday’s session as market participants piled into the leading cryptocurrency.

Ether couldn’t paint a green candle over the weekend and the second-biggest coin snapped a two-day winning streak by losing about 3% Saturday through Sunday, closing at $3,150.

Positive Outlook for the Week

Monday’s market action is on pace to continue the positive move in bitcoin’s price over the weekend. Bitcoin is hovering above $50,000, currently at $50,300 per coin. At current market price, the leading digital coin commands a market capitalization of almost $950bn, or a market dominance of over 44%.

Over the last 33 days, bitcoin’s price has climbed over 70% and is currently trading about 20% below its all-time high of $64,800 set April 14.

Ether’s price is significantly higher in the early trading hours of Monday’s session. At current market price of roughly $3,320, the Ethereum currency boasts a market valuation of over $390bn, or a market share of 18%.

The Ethereum token has surged roughly 7% on Monday, erasing its weak performance over the weekend. Earlier in the day, ether made a three-month high climbing to a session peak of $3,360 per coin, a level last seen on May 19.

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