The price of Bitcoin and a number of digital assets saw significant gains on Monday as the total market cap of the crypto economy rose 2.4% in the past 24 hours. Bitcoin’s value surpassed the psychological $ 50,000 zone after hitting a low of $ 43,021 the day before on Sunday.
- Bitcoin (BTC) hit a high of $ 50,244 per unit at around 7:26 p.m. ET on Monday, March 1st. At the time of writing, BTC’s market valuation is around $ 926 billion and its global trade volume is $ 22.83 billion. The current price is over 15% above the low of $ 43,021 per unit on February 28th.
- Of all existing crypto assets, BTC’s market dominance in terms of market valuation is 61.02% compared to the value of $ 1.44 trillion today. Bitcoin is still 8% down on the week but is down 44.92% against the US dollar in the past 30 days.
- The second largest market cap is Ethereum (ETH), which is currently trading for $ 1,583 per coin. ETH is up over 9% in the past 24 hours, but the Aether has lost 12% over the seven days. The 30-day rate against the US dollar shows that ETH is up 13.19% today.
- Cardano (ADA) continues to have the third largest market valuation as each ADA swaps hands for $ 1.29 per unit. ADA’s gains on Monday weren’t spectacular as the crypto asset was only up 1.8%. However, the token is up 18% over the past week and a whopping 256% over the past month.
- The Binance coin (BNB) is up 18% at the time of going to press and is being traded for $ 262 per token. The BNB is down 4.4% against the USD over the past week, but 30-day statistics show the BNB is up 470%.
- Tether (USDT), the stablecoin, fell to fifth this week and saw a surge in volume during the collapse of the crypto economy. The trading volume of USDT is currently larger than that of BTC on March 1, 2021.
- The crypto prices are currently looking positive. After seeing a number of significant bull traps in the past week. Bitcoin prices in March in particular, and other crypto asset markets in general, have usually done well this month. Historically, this is except for March 12, 2020, which is also known as “Black Thursday”.
#Bitcoin bull market in 2017:
• 6 corrections of 30-40%
• followed by an average profit of 153% pic.twitter.com/cx1M10vpKS
– Bitcoin Archive 🗄🚀🌔 (@BTC_Archive) February 28, 2021
- To many observers, it looks like we’ve hit two small speed limits in the 20-25 percentile range. The Twitter account called “Bitcoin Archive” noted that during the bull market in 2017, “[six] Corrections between 30-40% “and each was” followed by [an] average gain of 153%. “
Logarithmic Bitcoin growth curves on March 1, 2021 according to statistics from lookintobitcoin.com.
- “Bitcoin appears to have bounced back today as cryptocurrency markets start the week in a resurgent mood,” said Paolo Ardoino, CTO of Bitfinex, in an investor announcement on Monday. The background to the enormous pent-up institutional demand and interest from long-term investors may be worth saying here, but time will tell, ”added Ardoino.
- Bitfinex CTO continued, “Those who draw parallels with the 2017 crypto-bubble burst may not have been responsible for the advancement of technology since then. We believe that the technological infrastructure of the entire space is proving robust. “
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Tags in this story
50,000 USD, 1 trillion, ada, bitcoin, bitcoin (BTC), bitcoin cash, BNB, Cardano, crypto assets, ETH, Ethereum, winners, losers, market caps, market prices, market update, markets, Mike McGlone, Paolo Ardoino
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