Bitcoin Rises Above $50K After Ether’s Biggest Single-Day Gain in 6 Weeks

Bitcoin will become more solid in the wake of an airy rally to a three-and-a-half-month high on Wednesday.
According to CoinDesk 20 data, the best cryptocurrencies by market value exceeded the $ 50,000 market for the first time since August 23 and traded 2.7% higher on printing days.
Advances will take place the day after Ether, a sign of the indigenous peoples of the Ethereum blockchain, surpassed $ 3,800 and reached its highest level since mid-May. Ether ended the day with an 11% rise. This is the largest daily rise since July 21, and analysts predict a continuous rise. Bitcoin is also facing north, and the data shows a strong bias among large investors. A Trader Commitment (COT) report released by the US Commodity Futures Trading Commission (CFTC) on August 27 shows that asset managers had a record $ 165 million exposure. “Exposure to online asset managers has been positive for the first time since April, indicating that financial institutions have turned positive about Bitcoin,” Arcane Research said in a weekly report.
Some observers cite the recent decline in Bitcoin balances on the Nasdaq exchange’s Coinbase as evidence of new demand from large investors. William Clemente, Chief Insight Analyst at Blockware Solutions, tweeted, “Coinbase buyers are back,” along with a Glassnode chart showing the number of Bitcoin balances since August 23. Since Wednesday, Coinbase has 709,695 BTC. The lowest number since 2017.
Currency-based exits are often used to represent institutional demand, as exchanges provide postal services that are directly integrated with over-the-counter (OTC) desks. Financial institutions often make over-the-counter transactions so as not to affect market prices. However, some observers are skeptical of Coinbase’s bullish theory. Galen Moore of CoinDesk said in April that coins have replaced Bitcoin as the primary trading currency and exits are trending.
That said, other blockchain statistics show a new accumulation of investors. In a report released Tuesday, blockchain data company Santiment said that the amount of Bitcoin held by addresses from 100 to 10,000 BTC has increased over the past week, a new one among Bitcoin whales and investors. He said he was showing confidence.
“After the volatile start of the month, the total balance of these containers has increased by about 30,000 BTC [$ 1.5 billion] over the past seven days, now accounting for 48.95% of Bitcoin’s total circulating supply.” Santiment said. .. .. Address statistics are not a perfect indicator, as a converter can have multiple addresses.
According to Clemente of Blockware Solutions, supply chain dynamics guarantee a price tag of $ 58,000. From a technical analysis point of view, the Bulls need to establish a foothold of $ 50,000 or more to move to the next resistance at that level.