Bitcoin rose back above $49,000 on Wednesday after surging in price since the start of the week.
The cryptocurrency has been trading within the $45,000-$50,000 price band since the start of December, after crashing from an all-time high of around $69,000 in November.
The overall crypto market mirrored bitcoin’s most recent resurgence, with several other leading cryptocurrencies all rising by more than 2 per cent over the last 24 hours.
The gains saw Ethereum (ETH) remain above $4,000, while the overall crypto market grew by more than $100 billion. Some of the biggest gains were seen by Polygon (MATIC), which came within $0.03 of its al-time high of $2.6.
The rally reinforced predictions by some analysts, who remain convinced that BTC is still within a long-term bull cycle. Pseudonymous analyst PlanB stood by his price prediction model that puts bitcoin on track to hit six figures within the next few months, before the market finally sees a sustained period of price correction.
You can follow all the latest cryptocurrency news, analysis and expert price predictions right here.
The prices of bitcoin and ethereum have dropped by about 2 per cent in the last 24 hours after significant gains on Wednesday.
The leading cryptocurrency is currently priced at about $48,500 after rising above $49,000 on Wednesday.
Although other leading cryptocurrencies such as solana (sol), cardano (ada) and polkadot (dot) have grown in the last 24 hours, the overall crypto market is still down by 0.2 per cent and is valued at $2.29 trillion.
Cardano has grown by about 3.5 per cent while polkadot has surged by over 9 per cent in the last day.
Memecoins dogecoin and its spinoff shiba inu are also showing signs of growth in the last 24 hours.
The price of Polygon (MATIC) is teasing an all-time high, reaching to within $0.03 of the peak it reached in May this year of $2.68.
It is the only one of the leading cryptocurrencies to be currently experiencing a near-record-breaking rally, with current discussions in crypto forums focussing on whether or not an all-time high is a good time to skim off profits.
It’s been a remarkable year for the altcoin, which has risen by nearly 15,000 per cent since January.
The president of El Salvador has announced the purchase of a further 21 bitcoins, adding to the Central American country’s already-considerable stash of cryptocurrency.
Nayib Bukele shared screenshots of the latest bitcoin buy, which cost close to $1 million, noting the significance of the date, time and even the country’s size – which all line up with the 21 million bitcoins that will ever exist.
“El Salvador’s entire size is 21,000km2,” he wrote on Twitter. “Coincidence? I don’t think so!
“And today is the last 21st day of the year 21 of the 21st century.”
CoinMarketCap has joined other tech platforms by publishing a yearly round-up, but with a slight twist.
Rather than focus on the data of individual users, CoinMarketCap Unwrapped 2021 gives a run-down of all visitors to its crypto price index.
“Just like a beloved music streaming app that most of you probably listen to every day, we at CoinMarketCap wanted to show you what you — all of you! — have been doing every day on our site,” CoinMarketCap states.
“Bitcoin hit an all-time-time, Elon Musk showed his true DOGE colours, El Salvadorians can buy groceries with Bitcoin — the list goes on.”
Turns out, bitcoin wasn’t the most popular cryptocurrency on CoinMarketCap in 2021.
The latest bitcoin price surge has propelled it out of a descending channel that first formed in early December, giving hope to traders and investors.
Crypto market analyst and author Glen Goodman shared a price chart of the movement on Twitter this morning, claiming it shows “signs of life”.
When asked by one of his followers if the upward movement has encouraged him to buy BTC, Goodman said he was still “heavy with long-term positions” but didn’t rule it out.
“I’m more tempted by ETH, but this BTC pattern is quite compelling,” he said.
Popstar Cardi B has asked her 20 million+ Twitter followers whether they thing “crypto is going to replace the dollar”, with Twitter’s own Jack Dorsey responding in the affirmative.
The founder and former CEO of the platform is a well known bitcoin maximalist and recently stepped down from Twitter in order to focus more on his crypto projects like his fintech firm Block (formerly known as Square).
Earlier this year, Dorsey tweeted: “Bitcoin will unite a deeply divided country. (and eventually: world).”
US city becomes first to add crypto as payroll option
A city in Tennessee is set to become the first in the Unite States to add cryptocurrency as a payroll option for employees.
Jackson City Mayor Scott Conger, who is a long-standing bitcoin advocate, said the move will “bring more opportunity” to the district and provide local government with different ways to finance things.
“It’s not something that’s going to be required,” he told the Jackson Sun. “It’s an alternative. Think of it like you’re investing in the stock market. What do you want to do? You’re want to diversify your investments. And this is just another way to diversify the portfolio of how we generate revenue – potentially throughout the city.”
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