Bitcoin breaks above $50,000 on growing adoption, Cardano skyrockets

Vrasidas Neofytou
Head of Investment Research

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Bitcoin, the world’s biggest digital currency, broke above the psychological key resistance level of $50,000 over the weekend following growing global crypto adoption from major finance companies coupled with ongoing buying interest from institutional and retail investors.

The crypto outlook has turned bullish since early August, allowing Bitcoin and other major cryptocurrencies to recover most of the steep losses that occurred during May to July’s “correction phase” driven by China’s regulatory crackdown on the market, and Elon Musk’s criticism of the environmental impact of bitcoin mining.

The bullish sentiment improved over the weekend, pushing the price of Bitcoin above $50,000, while Ethereum reclaimed the $3,300 level for the first time since mid-May. 

The rally sparked after PayPal, the US online payment giant announced that it is allowing British customers to buy, hold and sell digital currencies, like Revolut’s crypto services.

Moreover, Coinbase, the second-largest crypto exchange in terms of trading volume has announced a board’s approval to purchase over $500 million of crypto assets with its own money, following the examples of Tesla, MicroStrategy, and Square.

However, it was Cardano that tripled in value over the past month, hitting a fresh all-time high of $3, and becoming the third-largest cryptocurrency by market cap, after Bitcoin, and Ethereum.

Cardano’s impressive upward price action comes ahead of the Alonzo Purple network upgrade that will allow smart contracts and decentralized finance applications on the Cardano network.

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