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Bitcoin has returned to the $50,000 mark, and the spot market is lively. Whose second round of bull market is altcoin or Bitcoin?
[2021/8/24]
After five consecutive weekly rises, Bitcoin finally recovered the $50,000 mark today, and the currency price has returned to the highest level since mid-May. At this time in May, Bitcoin is rapidly retreating from its high of $65,000. At the same time, the U.S. dollar is continuing to weaken, and market risk aversion is also brewing. In addition to the cryptocurrency market, commodities and precious metals have also begun to see an upward trend.

                          

According to the push data, the transaction price of Bitcoin was US$50,340, an increase of 2.6% on the day. From its low in mid-July, Bitcoin has risen by nearly 66% in just a month.

                            

At the current price, Bitcoin has now recovered 77.68% from the historical high of $64,800 set on April 14, which is far better than the previous round of bull market-the 60% high of the second round of gains. The current currency price is trading above the 200-day moving average. According to past trading data, there is almost no obvious resistance between the current level and around 57K USD, and the dawn of the second round of bull market can be vaguely seen.

                            

But not everyone is optimistic about the so-called second round of bull market. Online analyst CrediBULL Crypto suggested that as resistance approaches, proceed with caution, adding that this area is currently the most likely place for a sharp correction. 

                            

Just as the professional traders represented by CrediBULL Crypto are generally cautious, there is still a risk of Bitcoin¡¯s ¡°return to light¡±. Online analyst Material Scientist analyzed on Twitter that option traders generally believe that the price of Bitcoin may retreat to The low level is near 32,000-3.4 million US dollars, and there are a large number of put options near 50,000 US dollars. From the perspective of the options market, traders are not optimistic about the outlook.

                             

Last week, the well-known analyst PlanB updated his S2F model and said that the model is still applicable to the price of Bitcoin, and according to the icon, the second stage of this bull market is coming. In the tweet, he once again emphasized the prediction that Bitcoin will exceed $100,000 by the end of 2021. Bitcoin's rally today seems to have confirmed his speculation.

                               

According to cmc data, the current total market value of cryptocurrency assets has risen by 3.2%, reaching $2.22 trillion. This means that in the past 24 hours, it also means that the current trend of the altcoin market is better than that of Bitcoin, and Bitcoin's market share may further decline in the later period. Judging from the Bitcoin market share data generally concerned by the crypto community, this is more like the second round of the bull market for altcoins. The market share of Bitcoin has dropped from close to 50% at the end of July to 44.01% today, and this year¡¯s The lowest point of 39.54% occurred in mid-May.

                              

Interesting Cardano native token ADA The current currency price has surpassed the historical high of US$2.52 set in mid-May. According to the push data, as of press time, the price of ADA is US$2.85, an intraday increase of 10.68%. Due to a series of heavy news releases from Cardano recently, the upgrade of open smart contracts, the development of stablecoin projects, and the founders' voice for the encryption bill, the ADA market has significantly increased. In a recent Reddit poll on "What cryptocurrencies do you regret not buying earlier", nearly 80% of participants voted for ADA. We have no way of knowing whether Bitcoin will usher in its second round of bull market, but obviously before Bitcoin, ADA has ushered in its second round of bull market.

                                


(This article is from Bitpush.News)
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