Bitcoin blasts past $50,000 as crypto market adoption grows

Bitcoin blasts past $50,000 as crypto market adoption grows
1 year ago
3 mins read

The world’s number one flagship cryptocurrency surged past $50,000 on Monday as PayPal (NASDAQ: PYPL) announced it would launch its crypto service in the U.K.

In the wake of a months-long decline, Bitcoin had been edging towards that milestone all weekend long, before eventually passing it.

Currently, the digital asset is trading at $50,257, an increase of 2.45% in the past 24 hours and 6.67% in the last week, with a market dominance of 43.9%, according to CoinMarketCap data.

Bitcoin seven-day price chart. Source: CoinMarketCap.com

Bitcoin’s price has risen beyond $50,000 for the first time in three months – its highest level since May 15. As of now, Bitcoin’s year-to-date gains are 71.4%.

PayPal announces expansion

Indeed PayPal stated that it would enable individuals to purchase, store, and trade four forms of cryptocurrencies in the United Kingdom: Bitcoin, Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH).

This news represents the company’s first international deployment of its cryptocurrency services outside of the United States, where it debuted the service in October of last year.

According to the firm, “access, knowledge, and exploration of cryptocurrency has the potential to become mainstream in the UK” as a result of this move.

However, despite the positive sentiment, an air of caution has been suggested by prominent trader CredibleCrypto:

“As we approach key resistance between 52-60k, it is time to be cautious. While it’s possible we break through, this region is the MOST LIKELY place to see a correction if we are going to get one. Also, funding has flipped positive for the 1st time since our 28k bottom.”

Similarly, fellow crypto trader Daan crypto finds similar resistance around and around this level.

The global crypto market

In the previous 24 hours, the global crypto market cap has risen by 1.68% to $2.14 trillion. There has been a 3.32% increase in the entire crypto market volume during the previous 24 hours, which is $105.77 billion. Presently DeFi volume is $16.82 billion, or 15.90% of the entire 24-hour volume of the crypto market as a whole.

Global crypto market seven-day price chart. Source: CoinMarketCap.com

Elsewhere Ethereum and Cardano (ADA) have continued to make games. Regarding ETH, the $3,000 level underneath has provided significant support, as has the 50-day EMA, which is now at the $2,600 level. In the immediate run, I expect that the $3,500 level will provide some resistance.

On the other hand, Cardano is now the third-largest cryptocurrency by market capitalization after its price soared to an all-time high, surpassing Binance native token (BNB).

Cardano has a market capitalization of $90.60 billion at the current price of $2.82, according to CoinMarketCap. A whopping 11.3% has been added to its price in the previous 24 hours. Its year-to-date performance is also significantly higher than that of Bitcoin and Ethereum, at 1,444%.

Its latest price increase coincided with the announcement of the impending ‘Alonzo’ update as smart contracts are scheduled to be introduced to the blockchain with the September release.

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Jordan Major

Jordan is an investor and market analyst. He's passionate about stocks, ETFs, blockchain, and digital assets. At Finbold.com, he delves into the technicalities to obtain future trends for new market traders and gives insights into user-friendly platforms for beginners.