Bitcoin crossed the $ 52,000 mark on Monday morning as crypto asset markets moved north, gaining more fiat value. The entire crypto economy is around $ 2.45 trillion and has grown 3.5% in the past 24 hours. Meanwhile, the Bitcoin charts are showing an impending golden crossover, which for many means that the overall market outlook is bullish.
Bitcoin encounters resistance above the $ 52K handle
The digital asset markets are in the green today and many crypto assets have seen single- to double-digit gains in the past 24 hours. At the time of writing, the total crypto economy of more than 10,000 cryptos as of Monday is around $ 2.45 trillion. Bitcoin (BTC) is up more than 3.5% today and up 6.3% in the past seven days. On Monday morning (EST), BTC topped the $ 52,000 zone and hit $ 52,230 per unit. Many believe that the next few months of BTC will be bullish and a pending golden cross chart signal suggests that it may be.
Basically, when the short-term moving average jumps above the long-term moving average and starts moving north, traders call it a gold cross and assume that an uptrend is imminent. “On Friday, BTC broke the $ 50,500 resistance, paused for the weekend, and exceeded $ 51,500 on Monday, where it is now struggling to sustain,” Fxpro’s chief financial analyst Alex Kuptsikevich told Bitcoin.com News.
“Bitcoin has actually been trading above $ 50,000 since last week as the bulls managed to keep the price above the 200-day moving average. With that in mind, the price of ‘over fifty’ has become pretty common over the past few days, ”added Kuptsikevich. The analyst further emphasized:
Anchoring above this level will pave the way to $ 60,000 and could become a catalyst for a complete reversal in the crypto market.
Ethereum is approaching all-time highs, countless other cryptos are seeing double-digit gains
Meanwhile, Ethereum (ETH) is only up 0.3% today, but last week Ether is up 22.2%. ETH hit a high above the $ 4,000 mark on September 1, but has been below that region since then. Simon Peters, Etoro crypto asset analyst, says Ether is heading for all-time highs.
“Ether is nearing an all-time high, while Bitcoin has topped $ 50,000 for the first time since mid-May,” said Peters. “ETH has risen in the last week and has almost broken the $ 4,000 mark. The crypto asset started the week below $ 3,200 but rose rapidly over the week, reaching $ 3,981 by Friday. Earnings have flattened over the weekend but continue to trade in that range, ”he added. Etoro’s crypto analyst continued:
A combination of factors contributes to the rising price of ETH. ETH Burning, staking, gas fees, transactions and blocked tokens on Defi all work together to prop up the price level. BTC has now cracked over $ 50,000 for the first time since mid-May. The crypto asset started the week dipping below $ 47,000 before rising above $ 50,000 by midweek. In early trading today, BTC rose again to hit $ 52,000.
With Bitcoin and Ethereum seeing some gains and, of course, attention, a number of other crypto assets have seen better returns over the past 24 hours. Coins like Quant, OMG Network, Filecoin, FTX Token, Fantom, Qtum, Chainlink, Mdex, Bitcoin Cash and EOS have all posted double-digit 24-hour profits.
What do you think of Bitcoin and the rest of the recent improvements in the crypto economy? Let us know what you think on this matter in the comments below.
Photo credits: Shutterstock, Pixabay, Wiki Commons, bitcoinwisdom.io
Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.