6th September 2021 (Monday) marks an achievement for Bitcoin as the world’s lead virtual coin successfully managed to cross over the US$ 50,000 price barrier without any hurdle. The main question now for Bitcoin is whether it would be able to go beyond after this landmark achievement or not.
The 6th of September 2021 revealed a bright morning for the world’s most valuable cryptocurrency, Bitcoin. Bitcoins price surged over the weekend and stretched out to increase slightly above $51,000. Cryptocurrency Bitcoin has had an interesting weekend with a jump from $49,500 over the past three days. Marking an overall increase by 8 percent in the past seven days.
However, Bitcoin wasn’t the only cryptocurrency shining under the sun on Monday, the ETH token by Ethereum also joined in. The aforementioned currency is currently trading close to record highs. Ethereum, currently the world’s second most valuable cryptocurrency, rose from $3800 on Friday morning to currently above $3900. Marking an overall increase of about 24 percent from the previous Monday.
Other Cryptocurrencies followed this trend. The Binance coin also saw a promising weekend with its current value just short a few cents of $500. Marking an overall increase by 5 percent in a week.
SOL coin saw a significant increase with the current price slightly above $142. Marking an overall increase of 45 percent in a week, a significant percentage.
XRP by Ripple jumped in value to $1.32 marking an overall increase to 17 percent in a week.
The world-famous “meme coin” Dogecoin has risen back to above 31C. Marking an overall increase by 11 percent in the past week.
However, with cryptocurrencies reveling in the glory of praising headlines, there is one important currency that hasn’t joined their success. Cardano, an important player in the realm of cryptocurrency has long been the talk of crypto news. Cardano is one of the handfuls of currencies that didn’t join the success of other cryptocurrencies over the weekend. Cardano lost around 3 percent value over the weekend.
Regardless of the unfavorable weekend performance by Cardano, the overall crypto market is now worth more than $2.35 trillion. However, the future of cryptocurrency still seems to be spearheaded by discussions of Bitcoin. Kiana Danial, author of “Cryptocurrency Investing for Dummies” states that he wants Bitcoin to continue its upward trend for the long term. Whereas some analysts are highly optimistic about the growth of Bitcoin. Bill Noble, TokenMetrics’s chief technical analyst, a cryptocurrency analytics platform, has stated that he now expects Bitcoin to go above US$ 75,000.
However, it is still true that cryptocurrency is a relatively brand-new phenomenon and speculations are still based on mere assumptions. No one can accurately predict the future of cryptocurrency. Nevertheless, it is evident now that cryptocurrency has become a subject that can’t be ignored in the financial world anymore.