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Bitcoin is trading above $ 51,000. The asset hit its highest level in more than two weeks, fueled by broader positive sentiment in financial markets.
The largest cryptocurrency has surged about 4% in the past two days and at one point reached $ 51,524 on Friday in Asian trading.
According to data from CoinGecko, BTC trading volume in the last 24 hours is over $ 26 billion. Despite the recovery, the market capitalization of the world’s largest digital currency has yet to hit the $ 1 trillion mark. At the time of writing the material, it is $ 966 billion.
Altcoins, feeling the bullish impulse, pulled up after their king. The cryptocurrency market is full of greenery: the total capitalization reached almost $ 2.520 billion this morning, which is 5.6% more than yesterday.
Ethreum, the second largest token, was priced at around $ 4,100 per coin.
Risk appetite has increased in global markets, as evidenced by the record closing of the S&P 500 on Thursday. It remains to be seen whether the downturn in central bank liquidity will cause more serious problems for the demand for cryptocurrency.
Technical research shows that Bitcoin has broken the upper bound of the so-called technical pennant pattern and increased its 20-day moving average.
While this suggests there may be more gains ahead, other technical signals point to the $ 53,000 to $ 55,000 zone as a potential test of the strength of any such rally.
Analysts say Bitcoin’s short-term future is unlikely to exceed $ 100,000 as some investors expect. But in the long run, the price of bitcoin could all reach $ 100,000, even higher.
On the other hand, many experts believe that Bitcoin will face many risks in the near future.
Posted by Newt Salamander, Analyst at Freedman Club Crypto News
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