For the first time since January and February, Bitcoin breaks 46k barrier, as it has been four weeks in a row on the rise. Ether, Dogecoin, and Uniswap have also seen significant gains in recent days.
After breaking through the stiff US$40,000 barrier, which held stiff resistance for weeks, the price of bitcoin (BTC) is now back above US$46,000 to start this week.
Since last May 17, the main cryptocurrency in the market did not move on the exchanges above that price mark, as shown by the historical graph of TradingView. After hitting US$46,000, BTC dropped a bit again to $ 45,700 at the time of writing.
That same May 17, BTC was in free fall, in the full debacle that led it to lose 50% of its market value in just a couple of weeks. Since then, the price recovery had been elusive and, although it had already passed US$40,000, it had only been momentarily.
If this trend continues with the one that begins this Monday, August 9, this would be the fourth consecutive week with BTC on the rise. It would also be the first time this has happened, since the rally that started in January and ended in mid-February. In that period, the cryptocurrency went from US$29,000 to US$58,000 between its lowest and highest points.
Likewise, after three months closed in red, the price of bitcoin has returned to take the upward course since June, during which month it increased 18%. So far in August, it already has another 10% increase. Thus, it seems to reinforce the thesis of various analysts, who expected imminent market recovery.
Even Bloomberg came to assure a couple of days ago that the cryptocurrency would be headed towards US$100,000 in a new rally.
Ether, Dogecoin, Uniswap and other altcoins on the rise
The rest of the cryptocurrency market, as is customary especially among the major altcoins, has also responded positively in recent days. As the outlet reported this weekend, the Ethereum (ETH) cryptocurrency surpassed US$3,000.
At the time of writing, the cryptocurrency is trading for about US$3,140 and has gained about 20% in the last 7 days, according to data from CoinMarketCap.
Other outstanding cryptocurrencies in recent days are Dogecoin (DOGE), with an almost 25% increase; the Internet Computer Protocol (ICP) currency, which has risen more than 60% in a week; and UNI, the DeFi Uniswap token: 24% increase.