Bitcoin (BTC) exceeds $ 51,000, what's next?
Bitcoin (BTC) has surpassed $ 51,000, as on Sunday, September 5, the coin surpassed the $ 50,000 level for the third time in a week.
According CoinMarketCap, in the last 7 days, the price of Bitcoin formed a support base near the $ 49,500 level and started to rise again on Thursday, September 2. What reported Crypto Economy, Bitcoin was last seen above $ 50,000 on August 23, 2021, but then remained between $ 45,000 and $ 50,000 until this past Wednesday, September 1.
On Thursday, September 2, Bitcoin (BTC) surpassed $ 50,000 for the first time since August 23. This was short-lived, but the coin rose again to $ 50,000 on September 3. However, the currency was unable to maintain these levels. The same thing happened on Saturday, September 4. So after setting a base between $ 49,500 and $ 50,000, Bitcoin started to gain momentum on Sunday and on Monday, September 6, it finally crossed the $ 51K figure that was last seen on May 14.
As of this writing, the coin is changing hands at $ 51,615 with an increase of 2.73% in the last 24 hours. The competitor and the second largest crypto currency by market capitalization, Ethereum, is also within contact distance of recovering $ 4,000 as the coin is trading above $ 39.00.
Bitcoin is up 5.4% over the past seven days and 26.3% over the past month. The first week of September is over and so far BTC and the overall crypto market capitalization are looking good. Cardano (ADA) and Solarium (SOL) have continued to hit near-daily all-time highs over the past two weeks. Other notable crypto tokens are also trading at their highest since May.
The key to this comeback of the crypto market is the major developments that are happening and about to happen. The hottest topic right now is El Salvador's Bitcoin law that will take effect on September 7, 2021, making this Central American nation the first country in the world to adopt Bitcoin as its national currency. Institutional adoption, supply shortages, NFT, and the DeFi craze are other major contributing factors.
Traders and speculators are curious as to where the price is heading next. Price action looks strong as the price continues Chinese FUD on Bitcoin and cryptocurrencies may not have any effect on the market this time. The next target is $ 52,000 and experts believe much more than this, such as $ 100K for BTC.
Although $ 100K seems unlikely in 2021, the next update of Taproot could help Bitcoin cross the ATH seen in mid-April 2021.