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Bitcoin hits a 3-month high as crypto market approaches $2 trillion

Bitcoin hits a 3-month high as crypto market approaches $2 trillion
Jordan
Major
11 months ago
3 mins read

Bitcoin reached a three-month high this week, following a price surge that built on previous weeks’ substantial gains.

The cryptocurrency hit $46,735 on Wednesday before sliding back below $45,000 on Thursday — still up by more than 50% from plunging below $30,000 in late July, according to CoinMarketCap‘s statistics.

At the time of publication, the world’s number one flagship digital asset is trading at $46,119 up 1.74% in the last 24 hours and 13% in the previous week.

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

In particular, short-term Bitcoin investors have taken advantage of rebound rallies during declines to achieve intermediate profits.

However, for long term holders based on crypto technical analyst Willy Woo:

“Bitcoin distribution keeps getting better. Whales now hold only 25% of the supply. I’ve updated this chart to include holdings by public companies. Though they are whales, their coins are owned by a large number of public shareholders. Satoshi’s coins omitted (assumed lost).”

Additionally, trading expert Ryan Clark expects some resistance to be met for Bitcoin before the $50,000 mark stating selling some BTC up here. Close enough to really significant resistance. Good contextual R: R / close invalidation.’

Ethereum network upgrade

The world’s second most valuable cryptocurrency Ethereum (ETH), has been bolstered by a significant update to its underlying network, which restricts token supply and has fueled speculation that Ethereum may ultimately “flip” Bitcoin.

Successful blockchain improvements have a favorable influence on token values in general. The London Hard Fork, a recent update to the Ethereum network, has delivered a significant rise to the blockchain’s native token, ETH. Ethereum is now a deflationary network ecosystem, as the update is reducing the number of ETH in circulation, which is leading to increased demand for the asset as it is burned.

Presently Ethereum is changing hands at $3,232, up 2.86% and 16.70%in the last week.

With the recent price increase, ether is up almost 300 percent since the beginning of 2021, compared to a 40% increase for Bitcoin. This has contributed to Ethereum’s market cap increasing from one-fifth of Bitcoin’s to roughly half its worth.

Global crypto market

The worldwide crypto market cap is $1.94T, up 2.39% from the previous day, while total crypto market volume over the last 24 hours is $107.16B, down 17.87%.

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

Notable coins, including Cardano (ADA) in particular, are now at $2.03, up 12.50% and with an incredible increase of 46.64% in a week. Cardano’s price has nearly doubled from $1.02 to $2.03 since the most recent market lows on July 20.

Cardano’s recent high performance is connected to a substantial network upgrade projected to take place within the next month. The update, dubbed Alonzo Purple, will allow smart contracts to be integrated into the Cardano network and can be run the moment the hard fork comes on.

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Jordan Major
Author

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.

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