Bitcoin Bouncing Back? Crypto Scales $51,000-Mark, Highest Since May

Bitcoin Scales $51,000-Mark, Highest for Cryptocurrency in 4 Months Since Rout In May

Bitcoin seems to be leading the global cryptocurrency market into a fresh wave of bullishness following the release of the lackluster US jobs report last Friday (September 3). Bitcoin, the world’s largest and most popular cryptocurrency, scaled $50,940 (roughly Rs. 37.23 lakhs) on the day. On Monday (September 6) afternoon, the price of the cryptocurrency touched $51,809.55 (roughly Rs 37.87 lakh). This is the highest climb for the crypto token since May when it had started declining after reaching a record high of $65,000 (roughly Rs 47.51 lakh). Over the past seven days, the cryptocurrency has risen 8 percent.

Bitcoin’s rise above $50,000 on Monday comes just a day ahead of El Salvador’s plan to recognize the cryptocurrency as legal tender. In June, a proposal by the South American nation’s President Nayib Bukele to embrace the cryptocurrency had received approval. The law will take effect tomorrow (September 7).

Before this, after consolidating for a few months since May on August 23, Bitcoin had touched $50,505 (roughly Rs. 36.91 lakhs). In the last couple of weeks, since August 23, Bitcoin had been trading between $46,500 and $50,000 (roughly Rs. 34 lakh to Rs. 37 lakh). Bitcoin price in India at 6 pm on September 6 was around Rs. 39,60,000.

Ether, too, joins rally

On the back of Bitcoin’s revival from its rout in May, Ether the crypto coin that had slumped along with a widespread cryptocurrency market crash in May also touched $4,000 (roughly Rs. 2.92 lakh) on Friday (September 3). This was the first time since May that Ether crossed the $4,000-mark. Ether’s strong run began after its London upgrade last month. On Friday, the cryptocurrency traded at $4,025 (roughly Rs. 2.94 lakh). However, it slipped marginally on Monday, (September 6) trading at $3,944 (roughly Rs. 2.88 lakh). In the past 7 days, the digital asset has risen about 25 percent. Ethereum price in India at 6 pm on September 6 was around Rs. 3,00,000.

What about other altcoins?

Alongside, Bitcoin and Ether, there are a few other altcoins, too, vying for their place in the limelight. Cardano, the number 3 coin in the world, has touched $2.91 (roughly Rs. 213). In the past 7 days, two other altcoins, Polkadot and Solana, have also risen by about 36 and 45 percent, respectively. At the time of writing, while Polkadot was trading at $35.01 (roughly Rs. 2,559), Solana was at $143.87 (roughly Rs. 10,516).

Will Bitcoin break the September jinx?

If you look at the history, September has not been favorable for Bitcoin’s growth. In six of the past eight years, the cryptocurrency has had negative returns this month. Will 2021 see a reversal in its fortune? Well, the month has just about begun, but one can only remain optimistic that the jinx will be broken this time around.