A surge in crypto prices occurred on Monday as Bitcoin (BTC) smashed open the 51k threshold and is now approaching 52k.
With the vicious climb of Bitcoin (BTC) by $50,000 twice over the past two weeks, it seems as if the China crackdown days are a distant memory, especially with the momentum the largest cryptocurrency has gained as of late.
Even though high volatility is largely noted for Bitcoin (BTC), the increase of rising prices throughout the asset class may have wiped away profits. Bitcoin (BTC) was trading at $51,781, with the last 24 hours prompting an increase of 3.66%, at the time of publication.
The skyrocketing of Bitcoin (BTC) has the crypto community excited about expecting a 55k benchmark to be surpassed soon, and this is a positive signal for Bitcoin (BTC) investors.
Among the factors for the increased momentum of cryptocurrencies in general, and Bitcoin (BTC) in particular are the fears of global recession, risky investments, and US government debt losses.
The Cryptocurrency Market
A rise in the crypto market cap surged by 3.1% in the last 24 hours, making the total value $2.35 trillion, and the market volume has consequently fallen to $122.13 billion for the same amount of time (-2.54%). Meanwhile, an increase of 13.11% amounting to $16.02 billion has occurred as a result of a surge of interest in DeFi.
A week-on-week surge in the crypto market is to be expected, though the dive in trading volume was not unforeseen over the past two days.
Michaël van de Poppe, a market analyst and crypto trader has indicated a potential altseason via Twitter.
Many #Altcoins are looking beautiful on the $BTC and $ETH pair.
Ready for a big breakout to take place resulting in a potential altseason. pic.twitter.com/EjddqJjEnX
— Michaël van de Poppe (@CryptoMichNL) September 6, 2021
Ethereum (ETH) is also nearing the $4,000 break, where at the time of publication the biggest altcoin was trading at $3,946. The price stabilization of Ethereum (ETH) indicates that a rise is imminent, and a major surge is a likely possibility.
Solana (SOL) has also incurred a great surge these last few weeks and is currently trading at $145.78. All in all, the crypto market may just have a phenomenal week should the positive momentum persist.
Also read: In the Last 24 Hours the Amount of Ethereum that was Burned Exceeds the Amount Minted