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Bitcoin price remains under $50,000, while altcoins have enjoyed gains

Bitcoin price managed to reach $49,500. However, it has been unable to break through the $50,000 mark. At the time of writing, BTC is trading at $48,922, recorded a 4% increase in the past seven days.

bitcoin-price-remains-under-50000-while-altcoins-have-enjoyed-gains

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price struggles to break $50,000 resistance

August has been a strong month for BTC as the crypto has climbed 20% since the beginning of the month. The surge in price has been favorable to altcoins, which have also seen big gains during the month of August.

Recently, Santiment also did a quick Twitter poll that Bitcoin sits at $48,900 at the time of this writing. When will the crypto-asset see $50,000 next?

Surprisingly, after a day of polling, the answer was that almost 50% of people think BTC will surpass $50,000 between “24 hours to 1 week”. The rest, 27.2% thought the answer was “within 24 hours”.

bitcoin-price-remains-under-50000-while-altcoins-have-enjoyed-gains[1]

Source: Santiment

Is Bitcoin going up then? While up is a debatable answer at the moment, what can be said surely is that the investors and the network are both doing well right now. For the past two months, realized profits have been increasing as the profit/loss ratio continued to hike gradually. Additionally, unrealized profits touched a 3-month high on 21 August too.

bitcoin-price-remains-under-50000-while-altcoins-have-enjoyed-gains[2]

Bitcoin realized profits rising | Source: Glassnode

While BTC has struggled to break through key resistance levels, altcoins have posted some decent gains. Most notable is Avalanche (AVAX). AVAX was up more than 30% yesterday. The move comes after a month-long bull run on the project that saw AVAX rally nearly 400%. The project is now not far from reaching an all-time high. The bullish price action from AVAX can be credited to the recent announcement that the project is set to offer liquidity mining for Curve (CRV) and Aave (AAVE). With $180 million in tokens to be provided for the program.

Solana (SOL) has also enjoyed recent bullish momentum. The project hit a new all-time high on Saturday, touching $81.25. The project continues to gain traction, having recently entered the top 10 projects based on market capitalization. At the time of writing, SOL has a market capitalization of $21.2 billion.

Cardano (ADA) also reached a new all-time high of $2.58 on Friday. The project now sits behind Ethereum as the third-largest crypto project, having overtaken Binance Coin (BNB) and Tether (USDT). It would appear the Alonzo upgrade is having a significant impact on investor sentiment. The upgrade seeks to usher in smart-contract functionality and address what critics have described as one of the network’s most glaring deficiencies. The upgrade is slated for Octorber 1st, though some are betting it will overshoot and release sometime later.

bitcoin-price-remains-under-50000-while-altcoins-have-enjoyed-gains[3]

Source: CoinMarketCap

The overall cryptocurrency market cap now stands at $2.088 trillion, and Bitcoin’s dominance rate is 44%.

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