Bitcoin appears to be leading the global cryptocurrency market on a new rally following the release of the lackluster US jobs report last Friday (September 3). Bitcoin, the world’s largest and most popular cryptocurrency, climbed $50,940 (about Rs. 37.23 lakhs) in the day. On Monday afternoon (September 6th), the cryptocurrency price reached $51,809.55 (about Rs 37.87 lakh). This is the biggest rise for the cryptographic token since May, when it started to decline after reaching a record $65,000 (about Rs 47.51 lakh). In the last seven days, the cryptocurrency increased 8%.
Bitcoin’s rise above $50,000 on Monday comes just a day before El Salvador’s plan to recognize cryptocurrency as legal tender. In June, a proposal by the president of the South American nation Nayib Bukele to embrace the cryptocurrency received approval. The law will take effect tomorrow (September 7th).
Before that, after consolidating for a few months since May on August 23rd, Bitcoin hit $50,505 (about Rs. 36.91 lakhs). In the last few weeks, since August 23, Bitcoin has traded between $46,500 and $50,000 (about Rs. 34 lakh to Rs. 37 lakh). Bitcoin price in India at 6pm on 6th September was around Rs. 39,60,000.
Ether also joins the rally
On the back of Bitcoin’s revival from its defeat in May, Ether, the cryptographic currency that crashed along with a widespread slump in the cryptocurrency market in May, also hit $4,000 (about Rs. 2.92 lakh) on Friday Tuesday (September 3rd). This was the first time since May that Ether crossed the $4,000 mark. Ether’s strong run started after its update in London last month. On Friday, the cryptocurrency traded at $4,025 (about Rs. 2.94 lakh). However, it fell marginally on Monday (September 6th) to trade at $3,944 (about Rs. 2.88 lakh). In the last 7 days, the digital asset has increased by 25%. The price of Ethereum in India at 6pm on 6th September was around Rs. 3,00,000.
What about other altcoins?
Alongside Bitcoin and Ether, there are a few other altcoins as well, vying for their place in the spotlight. Cardano, the number 3 currency in the world, has hit $2.91 (about Rs. 213). In the last 7 days, two other altcoins, Polkadot and Solana, also increased by 36 and 45 percent, respectively. At the time of this writing, while Polkadot was trading at $35.01 (about Rs. 2,559), Solana was at $143.87 (about Rs. 10,516).
Will Bitcoin break the September spell?
If you look at history, September was not favorable for Bitcoin’s growth. In six of the last eight years, cryptocurrency has had negative returns this month. Will 2021 see a reversal in your luck? Well, the month has just begun, but we can only remain optimistic that the spell will be broken this time.