This week saw Bitcoin’s price surging past $50,000 on a few occasions, while altcoins have been charting double-digit gains all along.
Let’s start with BTC. The primary cryptocurrency is up about 7% over the past seven days, and it’s currently sitting above the coveted $50K mark. However, it took it a few attempts to go there, and we need to see today’s daily candle close above it for further validation of the bullish continuation.
Towards last weekend, Bitcoin attempted to test $50K, but fell short, and it started declining from there. It even dipped below $47K on Wednesday – September 1st. Ever since, though, the cryptocurrency has been performing tremendously well, and it shows – we’re back above $50K!
And while BTC’s gains may seem impressive, it’s the altcoins who stole the show. Solana is up by another 84%, and it topped $140. Polkadot’s DOT is up 34.6%, surging past $30.
From the top 5, Ethereum is up by an amazing 27%, and it is testing the important $4K level at the time of this writing. Cardano is also performing very well, breaking above $3 for the first time as smart contracts went live on its Alonzo testnet.
All in all, it was a great week for everyone in the industry, based on the increasing valuations alone. We even saw an apparent clone of Dogecoin, called Dogecoin 2.0, receive a motion to stop using this name sent by the Dogecoin foundation itself. Despite that, the cryptocurrency is up by more than 500% since then. As we know – anything can happen in the wild crypto market.
It’s interesting to see, however, if the positive trajectory can remain intact. For this to happen, Bitcoin needs to establish solid support at $50K before pushing further. If one thing is for sure, though, it’s that it will be an exciting week ahead!
Market Cap: $2373B | 24H Vol: 169B | BTC Dominance: 40.4%
BTC: $50,585 (+7%) | ETH: $3,967(+27%) | XRP: $1.30 (+18.9%)
This Week’s Crypto Headlines You Can’t Miss
The SEC Filed Charges Against BitConnect, its Founder, and Top US Promoter. The United States Securities and Exchange Commission (SEC) has pressed charges against one of the most controversial cryptocurrency projects – BitConnect. The regulator alleges that they’ve swiped more than $2 billion from retail investors by conducting an unregistered offering of digital assets.
MetaMask Celebrates 10 Million Monthly Active Users: 1800% Yearly Growth. MetaMask – the most popular web 3.0 wallet, will be hosting a party in the Decentraland metaverse, celebrating a massive milestone of recording over 10 million users.
Twitter Supposedly Looking to Adopt Bitcoin Lightning Network for Tipping Service. The social media mogul Twitter is supposedly looking to adopt Bitcoin’s Lightning Network for its tipping service. This is according to a code integrated into a beta version which could soon be implemented as a payment option alongside the other ones that are currently available.
Ahead of the Bitcoin Law: El Salvador Votes in Favor of $150M BTC Trust. The Government of El Salvador voted in favor of pushing a $150 million Bitcoin Trust. The idea behind the move is to convert BTC to USD so the local population would be able to balance their exposure to the cryptocurrency.
Ripple Fights Back: Seeks to Expose SEC Employees XRP Holdings. Ripple fights back against the US Securities and Exchange Commission. The company filed a motion to reveal whether or not SEC employees were holding XRP.
Twice in 6 Months: Cream Finance Exploited for $25 Million in ETH and AMP. The popular decentralized landing protocol, C.R.E.A.M. Finance, was exploited for the second time in six months. $25 million were stolen from the platform in the form of various cryptocurrencies.
This week we have a chart analysis of Ethereum, Ripple, Cardano, Polkadot, and Solana – click here for the full price analysis.
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Cryptocurrency charts by TradingView.