BTC beneath $50K, ETH Gains, DOGE Dips – 24 August
- Bitcoin remains 70% high from its 6-month lows under $29K in June.
- Dogecoin experiences downside movements.
- A bearish start will require top coins to overpower their day’s pivots to keep away support levels.
Bitcoin witnesses its price trading beneath $50,000 after climbing over the critical zone on Monday. Keep in mind that the leading coin has battled below the mark since May. However, recent market positivity saw BTC touching $50,459 in the past day. Remember, the crypto space has been recovering gradually over the past month.
According to CoinDesk data, BTC declined by 1% to stand around $49,166. Meanwhile, Ether, the ETH blockchain token, had its value jumping to $3,302. On the other hand, DOGE trades marginally down near $0.31. Other alternative coins like Cardano, Litecoin, Stellar, XRP, and Uniswap experienced mixed actions.
The leading coin has surged over 70% from its June plunges that pushed Bitcoin lower to its six-month dip below$29K. Though with such actions, BTC remains far from its record high in April, near $65K.
The recent lucrative moves came due to the correct market sentiments. Yesterday, PayPal Inc. revealed that its UK customers can now buy, sell, or hold cryptocurrencies as of this week. The payment company appears ready to expand its crypto services beyond the US. Such a move might inspire increased cryptocurrency adoption.
Coinbase welcomed its board’s approval last week to invest more than $500 million in cryptocurrencies. Also, the company will have 10% of its quarterly returns going to the new assets.
Bitcoin exploded at the start of 2021. However, mid-May saw multiple events that had the market crash. They include the Elon Musk attack on BTC energy usage concerns and China’s stiff clampdown.
Ethereum saw gains over the past 24 hours. While writing this, the leading alternative coin was at $3,342, 0.57% higher than yesterday. Meanwhile, morning movements had Ether falling to $3,322 before climbing towards $3,351.
According to many analysts BTC will move higher as it gathers momentum to explore upside price zones. With increased mainstream acceptance, most cryptocurrency assets will have clear paths past their record highs.
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