Finally, after days of worries and massive price drops, Bitcoin was able to reclaim its seat in the 50k+ tier today. This has led to an overall increase of the crypto market’s cap and has added about 200 billion in it within the last two days. It is not only the Bitcoin that was able to jump back at its original price range of $50k, but Ethereum and other altcoins have also been reclaiming their consecutive highs. According to the latest developments, they are definitely on the road to prosperity, with ETH setting for $1500. Not only the crypto market but the traditional financial sectors and markets have also taken up the pace as the S&P 500 is more than 2% and the NASDAQ composite and 100 by 3% each, respectively.
Bitcoin Coming Back in the Big Leagues after Reaching $50k
The past couple of days were very stressful for Bitcoin as the price drops became more consecutive and the digital asset started to lose its value where the price drop even recoiled to $43k as an all-time low for Bitcoin this year and a $13k loss of value in a single day. The position was kind of unsymmetrical and indicated a bearish trend, but then something happened that pushed Bitcoin to head north again.
What happened was that the bullish trend picked up with Bitcoin once again, and the latest development made by Goldman Sachs bank stating that they will be opening their crypto trading desk once again did register as bullish development for Bitcoin. This gave Bitcoin the push that it required and made it trade at almost $50k. But the enjoyment was short-lived as it once again declined to $49k. But this latest development shows that there is still a chance for Bitcoin to get above the $50k price point, although it is a bit difficult but totally achievable.
Other Altcoins are also Cherishing the Recent Developments
Other altcoins such as Ethereum, Ripple, Litecoin, and many others have seen the positive influence of the latest developments, and these also have increased in value. Ethereum is trading at $1500k, Binance coin at $250, Ripple is above 3%, and other altcoins are thanks to the bullish trend that did pick up with Bitcoin. Discarding one or two cryptocurrencies that are in the red (decline), all others are in the green, which is a positive development for the crypto market.