price-news | CoinDesk

Bitcoin Tops $50K for First Time in 3 Months

"The market continues to hover over the 200-day moving average with bulls still in play," Zerocap's Toby Chapple told CoinDesk.

"The institutional world is turning cautious on stocks and that is making cryptocurrencies look very attractive," said one analyst.

By Lyllah LedesmaAug 20, 2021

ADA's price is up a staggering 19% on the day and has unseated BNB as third-most valuable crypto by market cap.

Hourly spot volume across multiple exchanges clocked the highest point since Aug. 13.

"We still have support at $44,000 and $42,000, which is the line in the sand for short-term momentum," one investment officer said.

Bitcoin continues to cool on multiple attempts at $50,000, though that may be less of a concern given demand from bigger players.

Low levels of daily trading volume persist as bitcoin struggles to edge higher while short positions build.

Seasoned investors, according to some, are increasingly active with data hinting at a strong uptake in altcoins, beginning Aug. 9.

"Markets need to digest some overbought levels before attempting $50,000-$55,000 resistance," Zerocap's Chapple said.

The crypto is now up 57% year to date.