The cryptocurrency market is turning up a notch with bitcoin (BTC) speaking louder and clearer. The main digital asset surpassed, during the night of this Friday, July 30, the barrier of $ 42,200, a fact that had not occurred since May 18, when the crypto asset was trading at $ 42,600 per unit.
At the time of publishing this article, the price of bitcoin returned to 41,500 dollars. However, the cryptocurrency would be showing signs that it could resume the upward trend of the last few months. In April, the price of bitcoin reached its historical maximum, trading at $ 64,500, according to the CriptoNoticias price index.
In the last seven days bitcoin shows an advance of 24%, while for the last 24 hours the push has been 7%. The capitalization of the cryptocurrency is about 777 billion dollars, with a market dominance of 46.5%, according to CoinGecko metrics.
The following graph shows how it has been the rally of bitcoin in the last hours. By discriminating BTC trading at 1 hour candles, the data shows that between 8:00 a.m. and 7:00 p.m. on this July 30, 11 of the 12 candles showed numbers in green , that is, with profits.
The figures are positive for the market in general with ether (ETH), the native cryptocurrency of the Ethereum network, with a rebound of 4.5% (USD 2,454). It is followed by Binance Coin (BNB) with an advance of 6.2% (USD 329), Dogecoin (DOGE) up 4.5% (USD 0.20) and the Polkadot project (DOT) exhibiting a gain of 12% (USD 16.35) for the last 24 hours.
Reasons for the possible rise in bitcoin
The increase in the price of BTC could be influenced by several elements. The first is that traders are withdrawing more and more bitcoins from exchanges, accentuating the shortage in exchange markets. A Glassnode report indicated that holders or savers are withdrawing about 2,000 BTC a day from exchange houses, a fact reported by CriptoNoticias.
According to Fidelity Investments analyst, Jurrien Timmer, the current financial conditions, of “excess money and yield bias” , would also be favoring the cryptocurrency. Despite the recent stumbles in the price, bitcoin is still in an uptrend, the investor recalled.
The recent announcement by Elon Musk, CEO of Tesla, that the company could accept again bitcoin as a form of payment could also be influencing. Even the debunked rumors that Amazon would accept BTC on its trading platform would also have its own share in the rise of the cryptocurrency.