Market Update: Bitcoin (BTC) smashes past $50,000; Cardano (ADA) sets new all-time high

  • Popular crypto billionaire Su Zhu has given an $88,000 target for Bitcoin in under 2 months.
  • Cardano is leading the altcoin party eyeing the $3 high in the near time.

The overall cryptocurrency market has been bustling with euphoria as Bitcoin (BTC) and altcoins collectively reach new highs. As of press time, the total crypto market cap is up 3.47 percent surging past $1.25 trillion.

Gaining 2.3 percent in the last 24-hours, the world’s largest cryptocurrency Bitcoin (BTC) has taken charge moving past $50,000 levels. As of press time, BTC is trading at $50,354 with a market cap of $945 billion. Some interesting on-chain metrics have been shaping up recently concerning the recent price movements for Bitcoin.

According to data provided by Glassnode, the long-term BTC holding has reached a five-month high, surpassing 7.1 million. This accounts for 34 percent of all the BTC in circulation. Popular Chinese journalist Colin Wu mentions: “This part of the Token can be regarded as out of circulation”.

Courtesy: Glassnode

Given the recent move, market analysts are already giving higher price targets for Bitcoin. Three Arrows Capital co-founder and CEO Su Zhu predicted the BTC price crossing $88,888. Interestingly, the crypto billionaire also hinted that Bitcoin can hit this price target in less than two months.

On the flip side, not everything is bullish about Bitcoin. Data provider Santiment reported that there’s high doubt among Bitcoin HODLers and the commentary around BTC is more negative than usual.

Furthermore, the Bitcoin Fear and Greed Index shows extreme greed with a score of 76. However, it is still less than the peak value of 95 attained back in February 2021.

Cardano Leads the Altcoin Party

Over the last week, the Cardano (ADA) price rally has been unstoppable. As of press time, Cardano (ADA) is trading 12 percent up at $2.79 with a market cap of $90.6 billion. Last week, Cardano clinched the third spot in the crypto market ranks toppling Binance Coin (BNB).

Cardano is currently trading at its all-time high and is in a price discovery zone. The ADA cryptocurrency is eyeing a move above $3.0 amid massive crow euphoria.

As of the current levels of $2.80, Cardano (ADA) is trading at ~16x gains year-to-date. The latest price rally for Cardano’s ADA comes amid the excitement around the Alonzo hardfork upgrade scheduled ahead on September 12, 2021.

Other altcoins have also recently contributed to the altcoin party. Binance Coin (BNB), the native cryptocurrency of the Binance crypto exchange, has clocked 14 percent gains on the weekly chart and is currently trading at $479 and a market cap of $76.8 billion.

Solana’s SOL cryptocurrency has gathered major investor attention recently. The SOL cryptocurrency has also been hitting new all-time highs moving past $84 last week. As of press time, SOL is trading at $73.98 and has a market cap of $21.5 billion. Solana has made its way into the top ten cryptocurrencies by market cap with the recent price rally.

Polkadot (DOT) is another altcoin gathering steam recently. On the weekly charts, Polkadot is up 18 percent trading at $28.9 and a market cap of $28.1 billion.

Not to miss, Ethereum (ETH) strongly defends its levels above $3,200.

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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