On August 14, Bitcoin traded at $ 48,000 for the first time in three months. The experts explained why the main cryptocurrency will overcome the $ 50,000 mark in the coming days, and the rest of the coins will continue to grow.
On Saturday, August 14, the price of bitcoin was approaching the mark of $ 50 thousand. The main cryptocurrency (Bitcoin) for the first time in the last three months reached the level of $ 48.1 thousand.
Against the background of the growth of bitcoin, altcoins also show high profitability. For example, in the last week alone, XRP has risen in price by 60%, the cost of Cardano has grown by 47%, and the price of Binance Coin has added 14%.
experts predicted whether altcoins will be able to continue to grow and whether Bitcoin will be able to overcome the $ 50 thousand mark in the coming days.
A new round of the pandemic
In addition to the technical stimulus associated with the release of the London update on the Ethereum network, the crypto market has several more reasons for growth, says Artem Deev, head of the analytical department at AMarkets.
In Deev opinion, this is a new round of the coronavirus pandemic in the world, the soft monetary policy of central banks and the search for opportunities by investors for profit.
“Cryptocurrencies, like last year, have again become the instrument that attracts capital in times of crisis,” the analyst said.
Deev called the current situation on the market “the time of altcoins”. According to him, the growth of digital coins attracts more and more investors to assets and pushes prices up.
Investors are literally scouring for new opportunities amid the global crisis, when neither the dollar, nor gold, nor securities provide sufficient prospects for income, Deev added.
Restrictions in China forgotten
The growth in the complexity of bitcoin mining and the restoration of the hash rate indicate that Chinese miners are gradually restarting in different jurisdictions and will soon regain their former greatness, explained Mikhail Karkhalev, financial analyst at the Currency.com crypto exchange.
According to Mikhail , this indicates that the restrictions in China by the market have been won back and forgotten, and now a new cycle is beginning.
In this regard, in the near future, Bitcoin will be able to overcome the $ 50 thousand mark and face resistance at $ 54 thousand, the analyst predicted.
“Bitcoin won’t have any problems getting to $ 50 thousand, despite the resistance in the region of $ 48 thousand. The fact is that $ 54 thousand will open the way for renewing the historical maximum and, of course, the price will resist,” Karkhalev said.
In his opinion, the rapid growth of altcoins will also continue in the coming days, as investors are ready to take risks in the growing market and look for higher returns than Bitcoin and Ethereum offer.
The market is growing
In general, the cryptocurrency market is doing well, says Anton Kravchenko, CEO of Xena Financial Systems.
According to Anton , the correction of 50% is optimistically estimated by investors.
Over the past month, Bitcoin has confidently turned around due to the demand of large buyers, who thought that buying cryptocurrency with a 50% discount to the maximum would be a good deal, the expert says.
Altcoins turned around even more confidently, as they grow at multiples of bitcoin, Kravchenko added.
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