On Monday, the world's most popular cryptocurrency tried to break the $50K barrier. It was a successful attempt and BTC broke the resistance level.
During the weekend, bitcoin was hovering around the $50K mark. However, it failed to go above the resistance level. The coin's rally began on Monday.
The price broke the $50K barrier, reached the high as of May 15th, and continued rising.
In an hour, the digital asset was above the resistance level. At the moment of writing, BTC was trading at $50,319. According to CoinMarketCap, the top cryptocurrency gained over 3% in a day and almost 6% in a week.
At the beginning of a new trading week, BTC market capitalization also increased to $941 billion, thus boosting the capitalization of the entire cryptocurrency market to $2.14 trillion.
Other altcoins from the top 10 cryptocurrency list by market capitalization rose on Monday as well. In the past 24 hours, ETH added 3.44% and settled at $3,353. Binance Coin climbed 4.30% to $470. XRP advanced by 1.23% to $1.25. Dogecoin gained over 2% and traded at $0.3229.
Cardano ADA rose exponentially in the past 24 hours. The altcoin surged by 11% to almost $2.80. Within a month, the coin surged by 115%, and its capitalization doubled.
In intermediate terms, the cryptocurrency market is expected to be bullish. This year, many assets from the top 30 are likely to reach new all-time highs, like Cardano.
Altcoins' positive dynamic is one of the factors indicating an increase in risk appetite in the cryptocurrency market. Therefore, bitcoin may well extend its rally.
At the moment, the most popular cryptocurrency is bullish. In May, BTC lost almost a third of its value by falling to $37.3K from $57.7K. In June and July, the price dropped below $30K. Back in April, the asset reached a historic high and traded at $64.85K.
The bullish trend resumed somewhere in the second half of July after Elon Musk admitted that SpaceX, as well as the billionaire himself, invested in BTC and other altcoins.
Other influencers, such as ARK Invest founder Katie Wood and Twitter CEO Jack Dorsey also provided support to cryptocurrencies. Since then, BTC has been rising.
Bitcoin has been bullish for 5 straight weeks. Two main factors determine the uptrend. Firstly, it is an $800 billion increase in the cryptocurrency market capitalization to $2 trillion.
Lastly, the US crypto exchange Coinbase announced its intention to invest at least 10% in different digital assets last week, which led to the strengthening of the quote.
In addition, bitcoin faced support after PayPal allowed its UK users to buy, hold, and sell cryptos starting August 23rd.
Meanwhile, experts say investors should not forget about factors that can stop and even reverse BTC. Possible state regulation of digital assets is believed to pose the biggest threat to the cryptocurrency market at the moment.
