The crypto market rally continues further with Bitcoin and altcoins making new advances. Watch out the crucial levels for the next price trend.
The overall crypto market continues to surge further with its market cap skyrocketing to $2.1 trillion. The world’s largest cryptocurrency Bitcoin registered another 5% rally earlier today shooting all the way above $49,000 levels.
As of press time, Bitcoin is trading 4.13% up at $48,878 with a market cap of $919.1 billion. Over the last month, Bitcoin (BTC) has registered a solid rally gaining nearly 60%. If Bitcoin manages to move past its crucial resistance of $50,000, it could be setting itself up for the next journey to its all-time high of $50,000.
However, the Bloomberg report suggests that Bitcoin could be facing some technical challenges ahead. The report notes:
“Bitcoin’s rally of about 63% from a July trough now faces a rare confluence of technical obstacles. An April low of about $47,000 is now acting as something of a barrier, as is a Fibonacci and Ichimoku cluster between $47,000 and $48,000, while the 61.8% Fibonacci retracement of the April to June downtrend – at $51,000 – could be an obstacle too”.
In an interesting thread on Twitter, Fidelity‘s director of Global Macro Jurrien Timmer shares interesting thoughts. Drawing an analogy with the Gold rush of the 1970s, Timmer notes that Bitcoin shall be ready to resume the uptrend.
Based on my (highly subjective) gold analog from the 1970s, bitcoin looks ready to resume its up-trend. /4 pic.twitter.com/16pZmeFKPc
— Jurrien Timmer (@TimmerFidelity) August 20, 2021
Furthermore, Timmer notes that the number of active addresses on the Bitcoin blockchain has crossed 33.4 million. This address activity was last seen when BTC was trading at its all-time high in April 2021.
The Fidelity executive adds that the Bitcoin hash rate is picking up once again. But it still remains much below the all-time high levels. “Higher prices will likely fix that as mining follows demand,” he adds.
Altcoins Join the Crypto Market Party
In the recent crypto market bull run, even altcoins have played a crucial role. The world’s second-largest cryptocurrency Ethereum (ETH) surged all the way past $3200 levels and is continuing to hold up above that.
However, it’s Cardano (ADA) calling the shots in the altcoin space. On Friday, Cardano surged to become the third-largest cryptocurrency by market cap toppling Binance Coin (BNB). Cardano also touched a new all-time high above $2.50.
As of now, Binance Coin which slipped to the fourth position is trying to close the gap with Cardano (ADA). Binance Coin (BNB) is up 6.64% and is currently trading at a price of $456 and a market cap of $76.8 billion.
On the other hand, Solana’s SOL cryptocurrency has emerged as a dark horse gaining 80% over the last week. At press time, SOL was trading 8.44% up at a price of $77.80 and a market cap of $22.6 billion.