Bitcoin grew past the $52,000 level Monday morning as the crypto-asset market is also increasing. The overall crypto economy now is worth $2.45 trillion, and it has increased by 3.5% during the previous 24 hours.
The digital asset market is in the green now as several crypto assets have experienced increases from single to double-digits across the previous 24 hours. As of now, the crypto-economy (which includes over 10,000+ cryptos) is worth about $2.45 trillion.
Bitcoin has increased by 3.5% today and 6.3% across the previous seven days. Yesterday morning, Bitcoin went past the $52,000 level. This made many feel that Bitcoin will enter a bullish market again.
Basically, in the case that the short-term moving average goes over the long-term moving average and begins to move upwards, traders call that a golden cross and presume that the upward trend will continue.
Alex Kuptsikevich, the senior financial analyst at Fxpro, commented:
“On Friday, BTC broke through the resistance of $50,500, paused for the weekend, and exceeded $51,500 on Monday, where it is now struggling to hold on. Actually, Bitcoin has been trading above $50,000 since last week as the bulls managed to keep the rate above the 200-day moving average. In light of this, the price of ‘over fifty’ has become quite common over the past few days.”
He further added: “Anchoring above this mark will open the way to $60,000 and may become a catalyst for a fully-fledged reversal of the crypto market.”
On the other hand, Ethereum has grown by just 0.3% today but has increased by 22.2% over the previous week.
Simon Peters, eToro’s crypto-asset analyst, commented:
“Ether is closing in on all-time highs while bitcoin has reached above $50,000 for the first time since mid-May. ETH surged in the last week, coming close to breaching the $4,000 level. The crypto asset began the week below $3,200 but rose quickly through the week, reaching $3,981 by Friday. Over the weekend gains have flattened but remain trading in this range.”
He further added:
“A confluence of factors is contributing to the rising price of ETH. ETH burning, staking, gas fees, transactions, and locked away tokens on defi are all working in concert to support price levels. BTC meanwhile has hit above $50,000 for the first time since mid-May. The crypto asset started the week with falls to below $47,000 before rallying midweek above $50,000. In early trading today BTC has surged again, closing in on $52,000.