- Bitcoin price breaks above $52,000
- But will it reach $60,000?
The king of cryptocurrencies, Bitcoin, broke the $50,000 range for the second time this month. The largest crypto by market cap continues to be the dominant force in the industry.
Bitcoin rose to $57,850 from its yesterday’s low of around $51,000. At press time, BTC is trading at $52,705.45 with a 24-hour trading volume of $41,053,288,125. This means Bitcoin is up 1.82% in the last 24 hours. Moreover, the surge in BTC price also increased its market cap to over $991,332,574,406.
In addition, the Bitcoin surge comes just after El Salvador announced it bought its first BTC. On Monday, El Salvador president Nayib Bukele confirmed that his government has bought its first 200 Bitcoin (BTC) ahead of the September 7 rollout of a new law set to make the crypto legal tender.
Speaking of BTC price, some investors wonder if it will hit $60,000 at the current pace. Beyond this, some crypto analysts said that institutional accumulation at all-time highs suggests Bitcoin rally to $60,000. Plus a Twitter account also tweeted about it this morning. The account noted,
The bulls are back in control, it would seem, and Bitcoin could potentially rise to its next resistance level at around $56,000, for the first time since May. If it does break that resistance, the bulls could attempt a move into the $60,000 area.