The world’s largest cryptocurrency, Bitcoin (BTC) managed to reach the psychologically significant $50,000 mark. The market price surpassed the important mark for the first time in four weeks.
Bank of America analysts happened to talk about the prospects of cryptocurrency. And it eventually set the firing boost for crypto asset pricing throughout Tuesday.
Overall crypto market continued to go down following a well-founded downbeat summer. Multiple crackdowns on overall regulation made pricing difficult.
However, the recent increase isn’t exactly surprising with supportive comments from authorities. US Federal Reserve chair Jerome Powell signaled no further plan to hurt the sentiment. And Bank of America has just published a note to give the crypto market space.
The bank marked ongoing crypto trading like only the first inning of its life. It also acknowledged the crypto world is too large to ignore.
Its assets wrote that they believe the crypto-based assets could form an entirely new asset class. The note recognized bitcoin as an important asset with $900B market caps. Likewise, it confirmed the digital asset ecosystem to count much higher.
Standard Chartered already predicted BTC pricing to reach $100,000 at some points in 2022. Positive reviews from banks seem to influence the valuation from time to time.
BTC surged about 5% to reach $50,056 by Tuesday afternoon, the first time over $50,000 in a month. September 7 was previously the last day for bitcoin to hold a price above the critical mark.
Even other major virtual assets gained considerable increments alongside BTC. Ethereum (ETH) surged by 3% to hold a $3466 market value by Tuesday afternoon. Others like Cardano, Dogecoin, XRP, Litecoin, Uniswap also pushed the pricing forward.
Not to mention, crypto investment assets are having inflows for seven straight weeks. Institutional investors managed to keep the market warm with supportive statements. And Tuesday’s increments have observed an excellent number of trading changes within hours.
The analysts pointed out further opportunities to exceed the skeptics’ expectations regarding cryptos. It’s possible to perform everyday actions using blockchain technology in nearer future.