Bitcoin Recovers, Attains $51K Mark After More Than Two Weeks

  • The world’s most valuable cryptocurrency has gained 4% in the last two days. Right now peaking at $51,524 in Asian trade on Friday.
  • The second-largest coin, Ether, was trading about $4,100. Bitcoin climbed to above $51,000, its highest level in more than two weeks, boosted by a general uptick in global markets.
  • So far in 2021, the digital coin has gained 76 percent, putting it on track for a third year of increases.

The world’s most valuable cryptocurrency has gained 4% in the last two days, peaking at $51,524 in Asian trade on Friday. The second-largest coin, Ether, was trading about $4,100.

Bitcoin climbed to above $51,000, its highest level in more than two weeks, boosted by a general uptick in global markets.

The world’s most valuable cryptocurrency has gained 4% in the last two days, peaking at $51,524 in Asian trade on Friday. The second-largest coin, Ether, was trading about $4,100.

Risk appetite has increased in global markets, as indicated by the S&P 500’s record-high closing on Thursday. It’s unclear if dwindling central bank liquidity would pose greater problems for bitcoin demand.

“I consider Bitcoin to be a high-beta risk asset,” said Ross Mayfield, a Baird investment strategy analyst. “When risk appetite rises, it rises dramatically.” And when risk appetite drops, it drops hard. It’s not exactly connected, and that’s an overly simplistic reading, but it’s not a volatility hedge.”

Scott Melker Tweeted a video addressing the new price hike of the world’s no. 1 Cryptocurrency and predicting how it’s going to be end in the 2021.

Bitcoin Crosses 20 Days Moving Average

Bitcoin has crossed the top border of a so-called pennant technical pattern and scaled its 20-day moving average, according to a technical analysis.

While this means that greater gains are possible, other technical indicators point to the $53,000 to $55,000 range as a potential test of the rally’s resilience.

Woori Technology Investment Co., Remixpoint Inc., and Ceres Inc., all cryptocurrency-related stocks in Asia, have benefited from Bitcoin’s recent rise. So far in 2021, the digital coin has gained 76 percent, putting it on track for a third year of increases.

The growing importance of institutional investors in the crypto industry is one of the primary reasons why cryptocurrencies like Bitcoin follows traditional market swings. Bitcoin has gained roughly 76 percent so far in 2021, putting it on track for a third year of gains.

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