Bitcoin appears to be leading the global cryptocurrency market into another wave of bullishness following the release of the lackluster US jobs report last Friday (September 3). Bitcoin, the world’s largest and most popular cryptocurrency, scaled $50,940 (about Rs. 37.23 lakhs) on the day. On Monday (September 6) afternoon, the cryptocurrency’s price reached $51,809.55 (approximately Rs 37.87 lakh). This is the highest climb for the crypto token since May, when it started to decline after reaching an all-time high of $65,000 (about Rs 47.51 lakh). Over the past seven days, the cryptocurrency has risen by 8 percent.
Bitcoin’s surge above $50,000 on Monday comes just a day ahead of El Salvador’s plan to recognize the cryptocurrency as legal tender. In June, a proposal from South American President Nayib Bukele to embrace the cryptocurrency received approval. The law goes into effect tomorrow (September 7).
Before that, after a few months of consolidation since May on August 23, Bitcoin had reached $50,505 (about Rs. 36.91 lakhs). In the past few weeks, since August 23, Bitcoin has been trading between $46,500 and $50,000 (approximately Rs. 34 lakh to Rs. 37 lakh). The Bitcoin price in India at 6pm on September 6 was around Rs. 39,60,000.
Ether also participates in rally
After Bitcoin’s rebound from its defeat in May, Ether, the cryptocurrency that had collapsed along with a widespread cryptocurrency market crash in May, also hit $4,000 (about Rs. 2.92 lakh) on Friday (September 3). This was the first time since May that Ether crossed the $4,000 mark. Ether’s strong run started after London’s upgrade last month. On Friday, the cryptocurrency traded at $4,025 (approximately Rs. 2.94 lakh). However, it fell marginally on Monday (September 6) and traded at $3,944 (about Rs. 2.88 lakh). In the past 7 days, the digital asset is up about 25 percent. The Ethereum price in India at 6pm on September 6 was around Rs. 3,000,000.
What about other altcoins?
In addition to Bitcoin and Ether, there are also a few other altcoins vying for their place in the spotlight. Cardano, the No. 3 coin in the world, has touched $2.91 (approximately Rs. 213). In the past 7 days, two other altcoins, Polkadot and Solana, have also risen about 36 and 45 percent, respectively. At the time of writing, while Polkadot was trading at $35.01 (approximately Rs. 2,559), Solana was trading at $143.87 (approximately Rs. 10,516).
Will Bitcoin Break the September Jinx?
If you look at history, September has not been favorable for Bitcoin’s growth. In six of the past eight years, the cryptocurrency has had negative returns this month. Will 2021 see a turning point in his fortune? Well, the month has almost started, but one can only remain optimistic that the jinx will be broken this time.