Other major cryptocurrencies have also seen significant gains, with Ethereum (ether) rising by 6 per cent over the last 24 hours and nearly 15 per cent over the last seven days. Cardano (ada), Solana and Hex have all hit record highs in recent days, amid a crypto bull run that has taken the combined market cap above $2.1 trillion for the first time since May.
Skeptics claim the recent run of good form is merely a “dead cat bounce” that will act as a precursor to new year-to-date lows.
Cryptocurrency analysts remain divided over which direction the market will go from here, with prescribers to bitcoin’s Stock-to-Flow model believing that the current rebound will lead to a new all-time high.
You can find all the latest news updates, market analysis and expert commentary right here.
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1630487825Bitcoin rivals end August on record-breaking runs
Bitcoin and other leading cryptocurrencies are riding high at the start of a new month.
It remains a long way off the all-time high it experienced in April, however several of its rivals a enjoying record-breaking runs – most notably Cardano (ada).
After a tumultuous May, June and July, it was a good August for the cryptocurrency market, growing by more than half a trillion dollars. It currently commands a combined market cap of more than $2 trillion, with bitcoin leading the bounce back with a price rise from below $30,000 to nearly $50,000.
It is now ranked the third most valuable cryptocurrency in the world, behind bitcoin and Ethereum (ether), having risen from $0.18 at the start of the year to nearly $3 over the weekend. It has since dipped but continues to trade around $2.80.
(CoinMarketCap)
Anthony Cuthbertson1 September 2021 10:17
1630486101Hello and welcome…
to The Independent’s live blog of the crypto market. We’ll have rolling coverage of all the latest news, price updates and market analysis – together with input from industry experts and seasoned traders.
Anthony Cuthbertson1 September 2021 09:48
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