Bitcoin’s recent surge has taken the cryptocurrency world by storm. It breached the $50,000 mark again a few days ago and has continued to stay over the psychological level since. Bitcoin, the world’s largest and oldest cryptocurrency, has left analysts wondering whether or not it will be able to keep its price intact. There are also speculations over a surge in the prices of altcoins. Altcoins, or Bitcoin alternative cryptocurrencies, are showing a stellar performance on the charts, with some long-time competitors like Ethereum still competing for a growing market cap. Given that altcoins and NFTs saw hype among investors over July and August, the cryptocurrency scene could witness unexpected surges on these fronts.
Bitcoin, BTC to USD, rose by 0.73% on Thursday. Partially reversing a 1.67% loss from Wednesday, Bitcoin ended the day at $46,389.0. A mixed start to the day saw Bitcoin fall to an early morning intraday low $45,546.0 before making a move. Steering clear of the first major support level at $44,578, Bitcoin rose to a late afternoon intraday high $47,398.6. Falling short of the first major resistance level at $47,457, however, Bitcoin fell back to sub-$46,100 levels before finding support. The near-term bullish trend remained intact, in spite of the latest return to $43,000 levels. For the bears, Bitcoin would need a sustained fall through the 62% FIB of $27,237 to form a near-term bearish trend.
Latest Bitcoin News
Ukraine is the fifth country in as many weeks to lay down some ground rules for the cryptocurrency market. It’s a sign that governments around the world are realizing that bitcoin is here to stay. In a nearly unanimous vote, the Ukrainian Parliament adopted a law that legalizes and regulates cryptocurrency. The bill was set in motion in 2020 – and heads to the desk of President Volodymyr Zelenskyy. Until today, crypto in Ukraine has existed in a legal gray area. Locals were allowed to buy and exchange virtual currencies. However, companies and exchanges dealing in crypto were often under close watch by law enforcement.
According to the Kyiv Post, authorities have trended toward taking a combative stance when it comes to virtual cash. They were regarding it as a “scam,” raiding crypto-related businesses, and “often confiscating expensive equipment without any grounds.” In August, for example, the Security Service of Ukraine (SBU) blocked a network of what it called “clandestine cryptocurrency exchanges” running in the capital city Kyiv. The SBU claimed these exchanges were facilitating money laundering and providing anonymity of transactions.
The new legislation also spells out certain protections against fraud for those who own bitcoin and other cryptocurrencies. In a first for Ukraine’s Verkhovna Rada unicameral parliament, lawmakers have taken a stab at defining core terminology in the world of crypto. If signed by the president, virtual assets, digital wallets and private keys will be enshrined in Ukrainian law.
Ukraine joins a long list of countries folding bitcoin into national law. Just this week, El Salvador became the first country to both adopt bitcoin as legal tender and hold it on its balance sheet. President Nayib Bukele has essentially tethered his political fate to the outcome of this nationwide bitcoin experiment. Two weeks ago, Cuba — a notoriously rigid government still set in traditional Marxist ways — passed a law to recognize and regulate cryptocurrencies, citing “reasons of socioeconomic interest.” Last month, the U.S. proposed rules around crypto “brokers” in its $1 trillion infrastructure bill, and a new German law now allows funds previously barred from investing in crypto to allocate up to 20% to virtual currencies like bitcoin.
Panama appears to be next on deck. The Central American country is kicking around a draft of its own cryptocurrency law. This list is hardly comprehensive — it just appears to be the latest pattern of dominos to fall, as more governments acknowledge the staying power of cryptocurrencies like bitcoin.
Which Alt Coins Will be on the Rise after Bitcoin?
Ethereum (ETH): At the time of writing, Ethereum’s price hovered around $3,732.40. Over the last week, Ethereum or ether rose in value by 12.34 per cent. It has seen steady growth over the months, making the speculations stronger.
Cardano (ADA): Cardano is the other big name that may see a surge in price in the future. It ranks third, with a market cap of $84 billion. The coin witnessed a stark rise this May when Tesla stopped taking payments in Bitcoin due to the large electricity expenditure over its mining. ADA reached new heights as investors found an environmentally sustainable alternative in it. An update this month will bring smart contracts to its blockchain and more investors may get interested in it. A price rise won’t be surprising.
Chainlink (LINK): Chainlink ranks 12 on the charts. But its popularity among investors and on social media is grabbing eyeballs. Over the last 7 days, it has seen a rise by almost 23 per cent in value. Its value rests at around $32 per token currently. Sites like Coin Quora and others suggest a bullish target for LINK and expect it to cross the $50 mark within a year.
Dogecoin (DOGE): The meme currency was made popular by the likes of Tesla CEO Elon Musk. It rose to prominence in the past few months. Now, it’s one of the cryptocurrencies that is considered to be a viable investment option. In 2021, the cryptocurrency returned more than 8,000 per cent.
Avalanche (AVAX): Alongside Cardano and Dogecoin, this altcoin has received a lot of attention in 2021. It has a maximum supply of 720 million. In August 2021, its value tripled. In fact, since its inception in September 2020, the coin has returned a whopping 2,440 per cent.
The Price of Bitcoin Today!
At the time of writing, Bitcoin was up by 0.10% to $46,436.0. A mixed start to the day saw Bitcoin rise to an early morning high $46,486.3 before falling to a low $46,291.0. Bitcoin left the major support and resistance levels untested early on. Elsewhere, it was a mixed start to the day. Bitcoin Cash SV and Crypto.com Coin bucked the early trend, with losses of 0.45% and 0.36% respectively. It was a bullish start for the rest of the majors, however. At the time of writing, Polkadot was up by 6.46% to lead the way.
What Will Happen After the Weekend?
Bitcoin would need to move back through the $46,445 pivot to bring the first major resistance level at $47,343 into play. Support from the broader market would be needed for Bitcoin to break back through to $47,000 levels. Barring a broad-based crypto rally, the first major resistance level and Thursday’s high $47,398.6 would likely cap the upside. In the event of a broad-based crypto rebound, Bitcoin could test resistance at $50,000 before any pullback. The second major resistance level sits at $48,297.
Failure to move back through the $46,445 pivot would bring the first major support level at $45,491 into play. Barring another extended sell-off on the day, Bitcoin should steer clear of sub-$44,000 levels. The second major support level at $44,592 should limit the downside.