After weeks of market fluctuation, for the first time since May 9, the price of BTC has gone over its 50-day moving average, a key line of support for investors and traders based on historical patterns as it shows an uptrend. At press time, Bitcoin’s dominance is currently 47.06%, a 0.89% rise from the previous day, according to CoinMarketCap.com data. After plummeting below the key $30,000 support level to $29,000 on Tuesday last week, the cryptocurrency has rallied. The current climb follows Tesla (NASDAQ: TSLA) CEO Elon Musk’s announcement at the B-Word conference that the business will likely accept Bitcoin payments again in the future. Tesla had ceased taking Bitcoin payments less than two months ago, citing the asset’s carbon impact. However, in response to concerns about Bitcoin’s environmental effect, the Bitcoin Mining Council released a study saying that most of the Bitcoin network is now powered by renewable energy.
Elsewhere in the market
The worldwide crypto market value is now $1.51 trillion, up 7.04% from the previous day, the market volume over the last 24 hours of $99.78B, representing a 41.85% rise. Following the Bitcoins rise, as in general, the market has followed suit digital assets such as Ethereum (ETH), Cardano (ADA), and Dogecoin (DOGE) have also risen. Ethereum, the second-largest crypto by market cap, is presently trading at $2,323, a 6.75% increase in the last 24 hours and a rise of 22.38% in one week alone. Crypto trading analyst Josh Rager confirmed: “$ETH at a key level here on daily.” Other popular top 10 crypto assets, such as ADA, are up 7.5% in a day to $1.33, and DOGE is up 10.5% to $0.219, respectively. Read more cryptocurrency news. [coinbase]
