Bitcoin once again crossed the $50,000 level during Thursday's trading, as all major cryptocurrencies surged
Bitcoin crosses the $50,000 mark as most cryptocurrencies rise
Bitcoin once again crossed the $50,000 level during Thursday trading, with all major digital currencies rallying strongly including Cardano which traded above $3 for the first time.
The first cryptocurrency by market capitalization rose by 5.3% to $5,035, while Cardano, the third crypto asset by market cap, jumped by 8.6% to $3,054, having previously set a new record high of $3,099. The second cryptocurrency also rose The largest cryptocurrency by 6.1% is trading at $3,759.
In fact, many analysts believe that the recent rise in cryptocurrencies has come as investors are increasingly concerned about the rising threat of inflation, and many of them fear that the authorities have downplayed the problem, as cryptocurrencies, especially Bitcoin, are seen as a kind of hedge against inflation. In recent months, consumer prices have risen.
The total cryptocurrency market cap has risen to $131 billion for the period since Monday and now stands at $2.22 trillion.
Bitcoin monthly gain over 12%
finished digital currency It started last week with a loss of about 1.2% in its first weekly decline in five weeks, however, it is worth noting that the bulls managed to avoid a break below the $46,500 level.
Last Monday, Bitcoin corrected to $46,965, and continued its bullish momentum on Tuesday, August 31st to trade above $48,000, ending the first crypto month of August with a gain of 12.6%.
Midweek trading started on Wednesday with a drop to $46,500, but the bulls were quick to respond and defended the support line, with the coin rising by 3.7% and closing the day at $48,850, what we saw on Thursday is a strong reversal to the upside as it trades The price is around $50,000.
Digital assets can replace cash
Digital assets could replace cash in the next five to 10 years, 65 % business executives believe that digital currencies should be adopted as a means of payment.
The financial world expects blockchain technology to infiltrate current economic practices, as industry disruption is imminent as the banking sector is already considering digital assets, with customer demand outpacing critics’ skepticism, JPMorgan has become the industry opinion leader in digital assets, specifically in relation to Bitcoin.
The latest survey shows that digital asset adoption is widely expected, 43% of respondents asserted that implementing digital central bank currencies would help companies defend “data collection by private companies,” 41% asserted that it would provide “new payment innovations.” Moreover, 81% of them claims that the blockchain technology is widely scalable and has achieved mainstream adoption.
Despite this, the creation of financial platforms for digital assets for existence and transactions raises concerns for both banks and regulators, however, participation in the era of digital assets is “inevitable”, as banks are forced to accept these new definitions of economic value, due to the uptake of Wide and growing number of investors.
A professional technical and economic analyst in global financial markets since 2004. He holds a Master’s in Business Administration from the American University in Cairo. He works as an economic writer and technical analyst for many international financial companies. He writes daily economic and technical analyzes for many Arabic and English websites specialized in the field of stock exchanges and financial markets.
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