Bitcoin prolongs its bullish rally and hits new highs

Bitcoin prolongs its bullish rally

While Bitcoin remains up, nine of the cryptocurrencies are on the rise with rises of up to 6% in the last 24 hours. USD Coin and Tether are the only ones remaining in the red with a slight weekly drop of up to 0.5%.

The Bitcoin approaches values close to $52.000 and returns to meet the expectations of investors amid a rally. The leader of cryptocurrencies marked a milestone since May 12 at $51,800 and maintains increases of up to 8% in the last week. Ethereum also remains on the rise with a rise of 24% since last Monday.

The total capitalization of all the tokens is close to $2.35 trillion, while nine of the cryptocurrencies are on the rise with increases of up to 6% in the last 24 hours. USD Coin and Tether are the only ones remaining in the red with a slight weekly drop of up to 0.5%.

Bitcoin Grow up

Bitcoin maintained the positive trend of recent weeks, “but progress is slow,” says Alejandro Zala, country manager of Bitpanda in Spain. During the last four weeks of trading, volumes have steadily declined as investors showed a strong preference for ‘altcoins’. In fact, the ‘Altcoin season index’, the index that analyzes the behavior of alternative currencies with respect to bitcoin during a certain period of time, shows that investors have a strong preference for the rest of the tokens.

“The major ‘altcoins’ have overtaken the queen of crypto in the last month, although August was one of the most profitable months of this year for the creation of Satoshi Nakamoto, with the growth of 20%,” says Zala.

Above the rest, ether, a unit of the Ethereum network, stands out, which “is experiencing an upward momentum and a falling wedge break at the top of a very bullish monthly candle close for August,” underlines Bitpanda’s country manager.

“Ethereum is clearly the stronger of these two currencies in 2021 and has so far outpaced Bitcoin with a 360% profitability so far this year, while bitcoin is up around 70%,” Zala rounds out.

Bloomberg division senior commodities strategist Mike McGlone of Bloomberg has reaffirmed his Bitcoin price forecast of $100,000, seeing $5,000 for Ethereum as the path of least resistance. Expect the cryptocurrency market to thrive in a “renewed bull market.”

The analyst claimed in the September issue of Bloomberg Crypto that “having survived the correction, crypto assets are now poised to thrive” as “the bull market has reactivated.”