Bitcoin price managed to reach $49,700. However, it failed to pass the $50,000 mark. At the time of writing, BTC is trading at $49,200 and has gained 4% over the past seven days. As Bitcoin price struggled to break key resistance levels, some altcoins took off!

BTC/USD 4 hourdollarsec chart | Source: TragView

Bitcoin price struggles to break the $50,000 resistance

August has been a strong month for BTC, as the coin is up 20% since the beginning of the month. The rise in price has been positive for altcoins, which also saw big gains in August. Recently, Santiment did a quick Twitter poll for Bitcoin. “When will cryptocurrency see $50,000 in the next step?” The company questioned this. Surprisingly, after a day of voting, the response was that almost 50% of people thought BTC would cross $50,000 in “24 hours to 1 week”.

Source: Santiment

The answer of 27.2% of the rest was that “within 24 hours” BTC will exceed $ 50 thousand. So is the Bitcoin price going up now? While “we rally” is a controversial answer at the moment, what can certainly be said is that the investors and the network are both doing well at the moment. In the last two months, profit/loss ratio continues to increase gradually, while realized profits are increasing. Additionally, unrealized profits also hit a 3-month high on August 21.

Bitcoin makes increased profits | Source: Glassnode

These altcoins took flight as BTC struggled to break key resistance levels!

Altcoins recorded some decent gains as BTC struggled to break key resistance levels. The most notable is AVAX. AVAX rose more than 30% yesterday. The move comes after a month-long bull run on the project, which saw AVAX rally nearly 400%. The project is currently not far from reaching an all-time high. The bullish price action of AVAX can be attributed to the recent announcement that the project is ready to offer liquidity mining for Curve (CRV) and Aave (AAVE). $180 million in tokens will be provided for the program.

Solana (SOL) has also gained bullish momentum recently. The project hit an all-time high on Saturday, touching $81.25. The project continues to gain momentum by entering the top 10 projects by market value recently. At the time of writing, SOL has a market cap of $21.2 billion. Cryptocoin. com, Cardano (ADA) also hit an all-time high of $2.58 on Friday. The project currently ranks behind Ethereum as the third largest crypto project, surpassing Binance Coin (BNB) and Tether (USDT).

Alonzo update appears to have had a significant impact on investor sentiment. The upgrade aims to launch smart contract functionality and address what critics describe as one of the network’s most glaring shortcomings. The upgrade is scheduled for October 1, but some argue that it will exceed that date and the update will be released sometime later. The overall cryptocurrency market cap is currently $2,099 trillion and Bitcoin’s dominance rate is 44%.

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Michael Lewis


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