Bitcoin Price Bounces Above $ 50,000 USD Amid Weekend Trading
Cryptocurrency Market Movements: Bitcoin (BTC) returned above $ 50,000 USD after the S&P 500 hit an all-time high. Ethereum (ETH) is back above $ 4,100 USD, but the direction of the crypto markets at the beginning of the week remains uncertain.
The market is moving
Bitcoin recovered most of its losses over the past week and rose again above $ 50,000 USD on Sunday. The rebound came two days after the S&P 500 closed near its all-time high on Friday.
Trading volume on major centralized exchanges remained low over the weekend, a far cry from the high level of a week ago when the oldest cryptocurrency fell to $ 42,333 USD on December 4. The moderate trade volume indicates that the price recovery will be less durable, meaning that it is not yet clear where Bitcoin will head once the markets open in Asia.
Source: CoinDesk / CryptoCompare
The prices of alternative cryptocurrencies (altcoins) have also increased: Ether, the cryptocurrency n. 2 by market cap, surpassed $ 4,100 on Sunday.
The United States stock market rallied on Friday as the Labor Department’s inflation reading was not as high as many investors had anticipated, according to CNBC.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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