The most common cryptocurrency has approached the $ 50,000 mark over the past weekend. But she resisted. According to analysts, however, it is only a matter of time before Bitcoin can break it.
The price of Bitcoin on Saturday night in Central European Summer Time came in sight of $ 50,000, when it was trading at $ 49,683. Since Thursday, August 19, it has strengthened by more than five thousand and 12.4 percent, respectively. Bitcoin remained above $ 49,000 on Sunday morning, and there was no indication that investors should take profits.
The expression of the cryptocurrency exchange Coinbase is responsible for the relatively rapid strengthening of the cryptocurrency. Its representatives said that it would acquire digital currencies worth more than $ 500 million in its balance sheet. Coinbase CEO Brian Armstrong also said on Twitter that Coinbase reinvested ten percent of what it earns in the digital currency market into cryptocurrencies.
According to analysts, the way over $ 50,000 is practically open, and if Bitcoin breaks through it, it will probably strengthen to 55,000. “These days, Bitcoin and other cryptocurrencies benefit from technical support because they are slightly overbought. And they can continue to grow solidly if monetary policy makers keep current inflation cool, “Santiago Espinosa, investment strategist at MRB Partners, told CoinDesk.com.