Bitcoin finally broke resistance and now trades over $50,000. After the crypto market stabilized yesterday.
It then leaped 5% higher to cross the $50,000 threshold for the third time this year and now it trades for $51,005. Among the BTC’s extreme volatility recently, the price dropped from $58,000 to $49,000 overnight.
During the high volatility, data from Glassnode showed that new Bitcoin buyers didn’t panic sell amidst the correction. It simply indicates growing confidence in the currency’s long-term prospects.
Also, business analytics firm MicroStrategy continued its bullish Bitcoin buying spree during the dipping price and high volatility. They even bought an additional $10 million BTC, making their total coin hit $4.4 billion.
The altcoin market follows Bitcoin to return green, the other crypto coins also lined-up behind BTC to begin the correction and follow-through.
Ethereum, the altcoin with the highest market cap, rose by 7%. But at $1,667, it is still just 17 percent near its ATH of over $2,000 only weeks before. At the same time, XRP, BCH, EOS, DOGE, and others, have also been going back up.
The decentralized finance coins (DeFi) coins are also on the rise too. UNI observed the highest growth in the top 10 currencies by market capitalization. The native token of the world’s biggest decentralized finance exchanges rose to over 12% overnight to trade at $31.41. It makes for a seven-day growth of 40%.
AAVE coins also experienced similar growth. Aave’s token grew 10% overnight to land at $404.95. It is still almost 30% down from its all-time high of $559.19 last month.
The rise came days after Aave CEO Stani Kulechov spoke about being involved in yield farming, calling the current yield farming practices “pretty much printing money.”
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