On August 21, the price of bitcoin was approaching $50 thousand, but could not break through this mark. Experts have predicted whether the cost of the first cryptocurrency will be able to overcome this level and what to expect from altcoins
On August 21, the price of bitcoin was approaching the $50 thousand mark. At the moment, the cost of the main cryptocurrency reached $49.7 thousand. At 10:55 Moscow time on August 22, the digital coin is trading at $49.2 thousand, and its capitalization is $923 billion, according to CoinGecko. Experts of RBC-Crypto predicted whether bitcoin will be able to overcome the $50 thousand mark in the coming days.
Now there is a situation in which the movement of bitcoin can be continued or it will go down again, says Artem Deev, head of the analytical department of AMarkets. According to him, on the one hand, overcoming the market capitalization of $2 trillion was a trigger for growth, as was the statement of the largest crypto exchange in the United States, Coinbase, about investing in cryptocurrency.
On August 12, the capitalization of the crypto market exceeded $2 trillion for the first time since mid-May of this year. Over the past month, this figure has increased by almost $ 800 billion.
On August 20, it became known that the Coinbase exchange will buy a cryptocurrency for $500 million, and will also invest 10% of the profit in digital assets. The distribution of the company’s investments in cryptocurrencies will be determined by its total custodial cryptocurrency balances. Thus, Coinbase’s investment strategy will depend on its customers.
On the other hand, there is still a danger of state regulation of the crypto market, the analyst claims. At the moment, there is a situation in which everyone realizes that digital assets are the future of the financial system, but everyone is afraid of their decentralization and is trying to become the first to lead the crypto market, Deev noted.
“The positions of bitcoin and other currencies are now shaky, although in the long term no one denies that their role will grow (as well as the cost),” the expert added.
The prospects are positive
In the near future, the bitcoin price will attempt to break through the $50 thousand level with the achievement of $52 thousand, predicted Viktor Pershikov, a leading analyst at 8848 Invest. In his opinion, at the moment it is difficult to say whether bitcoin will be able to gain a foothold next week above $50 thousand, since the number of margin longs in bitcoin is still not enough for a sharp shot, however, despite possible local corrections to the area of $43-40 thousand, the prospects for bitcoin are positive.
The dynamics of altcoins indicates a positive attitude of investors, the analyst believes. Most of the alternative coins are set to update this year’s highs, as happened with Cardano, Pershikov explained.
The last time Cardano updated the historical maximum was on August 20. Then the cryptocurrency reached a price of $2.5. Over the past month, the value of the digital coin has increased by 115%, and the capitalization has doubled.
“It is unlikely that all altos will be able to quickly update the historical maximum, but many of the TOP 30 assets of the crypto market this year can set new historical highs,” the expert stressed.
The head of the analytical department of AMarkets also agreed with the fact that investors are now paying much more attention to altcoins. According to him, many people see the leading growth factors in alternative coins.