Bitcoin, Cardano Break Fresh Highs: Market Wrap

In a broad cryptocurrency rally, Bitcoin traded above $50,000 again on Thursday.

article-image

Credit: Shutterstock

share

key takeaways

  • Cardano hit an ATH, following the blockchain platform’s testnet on Thursday, trading above $3
  • The crypto market cap passed $2.3 trillion in market value Thursday morning

In a broad cryptocurrency rally, bitcoin traded above $50,000 on Thursday, with a day-high of $50,429.44 in the morning. Jumping 29.69% in a month, bitcoin has made multi-week gains after a string of news signaling widespread adoption. The crypto market cap rose over 5% in the last day, surpassing $2.3 trillion in market value in the morning.

According to a survey from Bakkt, 48% of US consumers reported investing in crypto during the first half of the year. For those who don’t invest, 32% of respondents were interested in buying crypto within the next six months. 

Cardano has risen to record-breaking levels in recent weeks. Prior to the Alonzo hard fork, the token’s forthcoming upgrade, ADA has soared 116.4% in the past month, according to Messari. Cardano hit an ATH, following the blockchain platform’s testnet on Thursday, trading above $3. Investors may be bullish on the altcoin given the upcoming upgrade, which will in theory improve Cardano, allowing more people access to deploy smart contracts on its blockchain. Cardano is nearing a $100 billion in market value.

DeFi

  • Uniswap (UNI) is trading at $30 with a total value locked of $5,208,522,453 declining -1.9% in 24 hours at 4:00 pm ET. 
  • Chainlink (LINK) is trading at $30.24, up 3.1% with trading volume at $1,542,878,353 in 24 hours at 4:00 pm ET.
  • DeFi:ETH is 30.4% at 4:00 pm ET.

Crypto

  • Bitcoin is trading around $49,578.19, up 2.68% in 24 hours at 4:00 pm ET.
  • Ether is trading around $3,799.66, advancing 1.82% in 24 hours at 4:00 pm ET.
  • ETH:BTC is at 0.075, down -0.7% at 4:00 pm ET.

Insight

“If Bitcoin can maintain a level over $50,000 then it will be a significant step towards bitcoin prices reaching $85,000 or $100,000 in Q3 and Q4. Although, its previous ATH of $64,000 could also act as a resistance point,” Ulrik K.Lykke, Executive Director at ARK36, said. “The first reason to expect higher BTC prices is that the current price trend is driven mostly by spot purchases. When Bitcoin was last at $50,000 levels last time, much of the market activity was leverage trades which made for a much less resilient market structure.”

Equities

  • The Dow advanced 0.37% to 35,433.
  • S&P 500 is up 0.28% to 4,536.
  • Nasdaq advanced 0.14% to 15,331.
  • VIX rose 1.99% to 16.41 at 4:00 pm ET.

Commodities

  • Brent crude was up to $72.76 per barrel, advancing 1.63%.
  • Gold was down -0.2% to $1,812.3.

Currencies

  • The US dollar fell -0.24%, according to the Bloomberg Dollar Spot Index.

Fixed Income

  • US 10-year treasury yields 1.287% as of 4:00 pm ET.

In other news…

Franklin Templeton, a $1.5 trillion investment manager, is seeking to add a cryptocurrency research analyst and trader to its firm, Blockworks reported. However, the fund group has yet to confirm whether it plans to offer bitcoin-based investment vehicles to clients.

We are looking out for

  • US jobs report is due on Friday

That’s it for today’s markets wrap. I’ll see you back here tomorrow.

Want more investor-focused content on digital assets? Join us September 13th and 14th for the Digital Asset Summit (DAS) in NYC. Use code ARTICLE for $75 off your ticket. Buy it now.

Tags

Upcoming Events

WED - FRI, OCTOBER 9 - 11, 2024

Pack your bags, anon — we’re heading west! Join us in the beautiful Salt Lake City for the third installment of Permissionless. Come for the alpha, stay for the fresh air. Permissionless III promises unforgettable panels, killer networking opportunities, and mountains […]

MON - WED, MARCH 18 - 20, 2024

Crypto’s premier institutional conference returns to London in March 2024. The DAS: London Experience:  Attend expert-led panel discussions and fireside chats  Hear the latest developments regarding the crypto and digital asset regulatory environment directly from policymakers and experts   Grow your network […]

recent research

Pyth Cover.jpg

Research

Pyth is a low latency pull-based oracle. In a future that looks increasingly high frequency, with various alt L1s and L2s that have significantly shorter block times than Ethereum, and an explosion of “high-frequency” protocols such as oracle or CLOB perp DEXs, Pyth’s low latency oracle product looks much better positioned to capture a significant amount of market share in comparison to competitors.

article-image

Can an ERC-20 token fix science? Coinbase’s Brian Armstrong hopes so

article-image

Roughly $65 billion worth of assets remain on Binance after the exchange agreed to pay, forfeit $4.3 billion Tuesday, Nansen data shows

article-image

The HTX exchange has been hit by a security breach, similar to the recent Poloniex hack

article-image

We have the answers for the usual barrage of questions stuffed with preconceived judgments about Web3, crypto and blockchain

article-image

NFT data will be integrated into CoinGecko APIs in second quarter of 2024, having bought Zash for an undisclosed sum

article-image

Binance and its former CEO have pleaded guilty to federal charges of over $4.3 billion