Bitcoin Jumps Above $50,000 Again
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Bitcoin has surpassed $50,000 only a few days after crashing below $43,000 amid a significant selloff
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The flagship cryptocurrency has added 5.94% in the last 24 hours to reach $51,103, according to CoinMarketCap
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Analysts have noted that the world’s largest cryptocurrency will have to keep rising to invalidate fears of a bearish momentum
Flagship cryptocurrency Bitcoin has bounced back above $50,000 after a weekend crash that caused it to lose more than 15% in value.
With the coin trading above $51,000 on Tuesday morning, analysts are observing to see if the asset can establish support around this area.
The CEO of cryptocurrency hedge fund manager BitBull Capital Joe DiPasquale claimed that the rise is a BTC’s prospect of continuing its bullish movement.
David Keller, chief market strategist at StockCharts.com also added that maintaining the support level is key to the bullish thesis.
Meanwhile, the entire cryptocurrency market also piggybacked on the green movement of Bitcoin to rise.
According to CoinMarketCap, apart from stable coins, the top 10 digital assets are trading higher than their value yesterday.
Read also: El Salvador Buys 150 Bitcoins After Market Crash
Binance Coin was the biggest gainer, adding 8 percent in the rally while Ethereum and Cardano followed with over 5%.
The global market capitalization of cryptocurrencies also climbed by 5 percent from the previous day to $2.37 trillion.
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