On Friday, August 20, Bitcoin price climbed back to $47K following Thursday’s decline of $44K. Now, the cryptocurrency market eyes its rise towards the $50K level.
Bitcoin, which is the world’s largest digital asset, smashed 6.11% or 2,722.84 points to $47,309.70.
It has a market capitalization of $889.00 billion with a 24-hour volume of $38.98 billion.
Since May this year, the price of Bitcoin experienced an extreme rollercoaster ride as it sharply dropped below $30,000.
This is due to the Chinese government’s crackdown on the crypto market which mainly focused on bitcoin mining.
Local authorities stated that the shutdown was implemented throughout the mainland due to environmental concerns and money laundering risks.
However, Bitcoin is struggling to climb back despite its volatility. Earlier this day, the market’s altering behavior proceeded to signal a next bull run.
For the past two days, BTC was seen trading steadily at the $44K level. An analyst said that the recent price increase caused the crypto community to anticipate a $50K surge with a bull run.
Since then, Bitcoin has been shifting back and forth between $44K and $48K.
An analyst commented that this shows that market participants are testing these levels as they react to the recent positive news.
Based on the data, Bitcoin’s hourly spot volume on several crypto exchange platforms clocked the highest peak since August 13.
Meanwhile, the daily volume last Thursday recorded higher than on Wednesday which confirmed an uptrend momentum.
On another note, there was evidence that the crypto community is heading towards another bull run, an analyst stated.
He added that this is the spotted “golden cross” between the 30-day and 60-day moving averages on the hash ribbon of Bitcoin. This means that the trading volume is increasing again.
Crypto Prices Up as Bitcoin Rose
Furthermore, the prices of major cryptocurrencies increased as Bitcoin bounced back higher.
Ethereum soared 7.57% or 226.72 points to $3,223.28 with a market cap of $377.45 billion. It has a 24-hour volume of $20.92 billion.
Then, XRP spiked 11.70% or 0.14 to $1.26 with a market cap of $125.82 billion and a 24-hour volume of $7.74 billion.
Likewise, Cardano smashed 20.49% or 0.43 to $2.53 with a market cap of $81.82 billion. It has a 24-hour volume of $9.34 billion.
Consequently, Dogecoin jumped 7.45% or 0.02 to $0.32. It has a market cap of $42.05 with a 24-hour volume of $2.98 billion.