Yahoo Finance Bitcoin price – live: Crypto back above $50k as ‘Alt Season’ sees Cardano, Solana and Hex hit all-time highs
Bitcoin has staged a major price recovery in recent weeks but it is the market movements of several of its rivals that have proved the most noteworthy.
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.
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.
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.
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.
You can find all the latest news updates, market analysis and expert commentary right here.
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‘Next psychological resistance at $55,000
16:17 , Anthony Cuthbertson
Bitcoin has dipped back below $50,000 as the price struggles to consolidate above the psychological marker.
This is likely to continue until $55,000, according to one crypto market analyst, who claims that “further sideways consolidation should not be ruled out”.
Daniela Hathorn from foreign exchange company DailyFX had this to say to us:
As expected, bitcoin saw some resistance at the psychological $50,000 mark last week, which led to a pullback towards $46,500, allowing new buyers a little bit of a breathing room. Momentum seems to be picking up once again but there is likely to be some strong resistance up until $55,000 as sellers battle to keep their positions, so further sideways consolidation cannot be ruled out within this $5,000 gap. A break above $52,700 would be a good sign that buyers are positioning themselves to tackle the next psychological resistance at $55,000.
Daniela Hathorn, Dailyfx
Bitcoin price prediction model running ‘like clockwork’
14:28 , Anthony Cuthbertson
August’s closing price of $47,156 was less than $200 off the June prediction by pseudonymous analyst PlanB, who says his forecasts are being realised “like clockwork”.
According to PlanB’s “worst case scenario”, bitcoin will return to its all-time high of $64,000 by October, before hitting $98,000 in November and $135,000 in December.
Speaking to The Independent, PlanB warned that the predictions could be derailed by a black swan event “like a bitcoin ban, Covid escalation, war with China, etc.”.
You can read the full story here.
Bitcoin price prediction model running ‘like clockwork’ towards new record highs
Daniel Sturridge caught up in crypto craze
10:52 , Anthony Cuthbertson
Former England star Daniel Sturridge has become the latest footballer to show interest in getting into the crypto space.
It comes less than a month, after Lionel Messi made waves by including some of Paris Saint Germain’s cryptocurrency fan tokens in his signing on fee for the French club.
It’s not just cryptocurrency that Sturridge says he’s looking to get involved with, making a call on Twitter for more info regarding non-fungible tokens (NFTs).
“I’m a novice and haven’t invested a penny YET,” he tweeted.
Those in the crypto space hit me up. Would love to get some more insight on that and NFts. I’m a novice and haven’t invested a penny YET. Instagram DM 🙌🏾 hope everyone is having a productive start to the week 😎
— Daniel Sturridge (@DanielSturridge) August 30, 2021
Bitcoin price back above $50k
08:28 , Anthony Cuthbertson
Bitcoin has seen a sudden surge overnight that has returned it above $50,000.
The 5 per cent gains were matched or bettered by every single leading cryptocurrency, with all of the top 10 most valuable cryptos benefiting from the market swell.
Cardano (ada) saw the biggest price rise, reaching above $3 for the first time in its history and push its market cap towards $100 billion. Solana also hit a new all-time high and is now closing in on dogecoin in terms of overall value.
Twitter set to add bitcoin tipping?
Wednesday 1 September 2021 17:25 , Anthony Cuthbertson
Twitter could be about to add the ability to tip other users with bitcoin, according to reports.
A leaked image from mobile developer Alessandro Paluzzi appears to show what the service will look like, while MacRumors also corroborates the claims.
The tipping feature will apparently use the Bitcoin Lightning Network, which facilitates quick and cheap transactions through a layer 2 protocol. Twitter boss Jack Dorsey has previously called for bitcoin to become the “native currency of the internet”.
'It’s Alt Season’
Wednesday 1 September 2021 16:58 , Anthony Cuthbertson
While bitcoin remains relatively calm – it’s moved by less than 0.1 per cent since this time yesterday – the so-called alt coins appear to be on the charge.
Ethereum (ether) is now up by more than 5 per cent over the last 24 hours, while Cardano (ada), Binance Coin and Polkadot have also seen more modest gains.
It continues a trend that has seen bitcoin’s overall share of the crypto market diminish over the last few months, leading some market analysts to proclaim that it’s “Alt Season”.
I guess it's #ALTSEASON .
It's not just $ETH breaking out. Most other cryptos are now following #Ethereum rather than #Bitcoin pic.twitter.com/D9ODJHyj1a— Glen Goodman (@glengoodman) September 1, 2021
Twitter founder’s plan to make bitcoin ‘native currency of the internet'
Wednesday 1 September 2021 11:48 , Anthony Cuthbertson
Twitter co-founder and CEO Jack Dorsey has unveiled his plan this week to transform bitcoin into the “native currency of the internet”.
His TBD venture, which is a unit of his other firm Square, is working on a decentralised crypto exchange that will make bitcoin more accessible to people all over the world.
“This platform will be entirely developed in public, open-source, open-protocol, and any wallet will be able to use,” Mike Brock, general manager of TBD, wrote in a Twitter thread outlining the project. “No foundation or governance model that TBD controls. Permissionless or bust. We’d love for this to be bitcoin-native, top to bottom.”
You can read the full story here.
Twitter boss reveals plan to make bitcoin ‘currency of the internet’
Bitcoin rivals end August on record-breaking runs
Wednesday 1 September 2021 10:17 , Anthony Cuthbertson
Bitcoin and other leading cryptocurrencies are riding high at the start of a new month.
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 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).
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.
Hello and welcome...
Wednesday 1 September 2021 09:48 , Anthony Cuthbertson
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.
