On Thursday, September 2, the price of the first cryptocurrency breached the $50,000 mark (on the Binance exchange). Over the past 24 hours, the price of digital gold rose by more than 5%, according to CoinGecko.
The asset’s market capitalization exceeded $935 billion. Open interest on the Bitcoin futures market reached $17.9 billion, according to Bybt.
Some analysts expect the cryptocurrency’s price to continue moving higher. For example, Michaël van de Poppe, who forecasts Bitcoin rising to $57,000.
#Bitcoin facing final hurdle before $57K. pic.twitter.com/uE1VBdfRS2
— Michaël van de Poppe (@CryptoMichNL) September 2, 2021
Popular crypto blogger by the nickname K A L E O forecasted that digital gold would take far less time to break the $50 000-$60 000 range. He advised investors to \”not blink\”.
When it’s happening, don’t blink. https://t.co/j1szBqLt9b
— K A L E O (@CryptoKaleo) September 2, 2021
Institutional investments may have helped lift the price of the leading cryptocurrency. Mike Alfred, head of data analytics at Digital Assets Data, said that many “large and important institutions” bought Bitcoin over the summer. He said these deals will be announced between September 7 and November 19.
A lot of large and important institutions bought #bitcoin over the summer. They will announce their purchases between September 7 and November 19. Enjoy the fireworks.
— Mike Alfred (@mikealfred) September 2, 2021
Last week, Bitcoin already tested the $50 000 mark, but could not hold above this level.
As reported in ForkLog, Yuri Mazur, head of data analytics at the CEX.IO Broker, told ForkLog that if current market trends persist, the price of digital gold will rise to new highs near $70 000-$75 000.
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