Once again, the crypto market is in the green. Bitcoin could re-establish itself as a bandwagon.
The crypto market is on top. After a bullish week, the overall market also closes the weekend under positive signs. In this context, Bitcoin is also playing the role of the bandwagon again. With a plus of 4.2 percent compared to the previous day, BTC is the best performer among the top 5 altcoins. Only XRP (6.1 percent) and DOT (6.3 percent) are putting more horsepower on the road today in trading. However, Solana (SOL) is also continuing its trend and is still trading up two percent compared to the previous day. Dogecoin (DOGE) is also riding the bull wave and is 4 percent in the green at $0.311 – despite being temporarily ousted from seventh place by Solana.
Meanwhile, Bitcoin is trading at around US$51,800 after a strong weekend. With this, BTC bulls are defending the psychologically important US$50,000 mark. In terms of market capitalization, a milestone is also likely to fall shortly. At 972 billion US dollars, the market cap is only around 2.3 percent below one trillion US dollars. The last time the bulls managed to pump the total value of the network above this historic mark was in February of this year.
The market cap also illustrates Bitcoin’s standing compared to other assets. After all, the cryptocurrency already ranks among the best list of the world’s most valuable assets in terms of market cap. At $1.06 trillion, even Facebook is within reach.
Bloomberg analyst: new records in sight
It comes as no surprise that the overall picture among market observers is rather bullish after good trading weeks. Bloomberg analyst Mike McGlone also takes an optimistic stance.
After a painful correction, we see it as more likely that the crypto market will resume its upward trend than that it will fall below the lows of the second quarter. The question of what might keep Bitcoin and Ethereum from reaching new record highs in the second half of the year is difficult to answer. Rising demand and adoption are offset by falling supply.
Bloomberg analyst Mike McGlone
New bull fodder could also be provided by the introduction of bitcoin legislation in El Salvador care. As of tomorrow, September 7, Bitcoin will be the official means of payment in the Central American country. However, not all citizens are convinced so far; a protest movement has formed demanding the withdrawal of the already passed law.