Bitcoin crossed the $50,000 barrier for the first time since May this year and began its sixth consecutive week of gains. If it ended that way as well, it would mark the possibility of establishing the longest run of weekly gains since October 2020, when the largest of cryptocurrencies was just getting ready to rally.
It seems that the topic of cryptocurrencies rises and falls with price fluctuations. The bigger the increases, the more is said and written about bitcoin and other cryptocurrencies. When prices fall, silence falls and a wait ensues.
Today, prices seem to be rising and the topic is gaining popularity. The capitalization of the entire cryptocurrency market has just surpassed $2 trillion, and bitcoin's market capitalization alone is again approaching $1 trillion.
El Salvador's unprecedented experiment
On the positive side for this market, we have recently learned, among other things, that PayPal has launched a service related to buying and selling digital currencies for its UK customers, marking another step in bitcoin adoption.
However, it seems that the key issue may be the situation in El Salvador, where in a little over two weeks, after vacatio legis, the possibility of using bitcoin as a full-fledged means of payment in that country will come into force. It is worth adding here that the currency in El Salvador is the US dollar, from which perhaps El Salvador wants to free itself to some extent. So the data on the number of transactions, users, costs, volumes, etc., will be very interesting, and they will appear very soon. We will be witnessing the first such major experiment or social transformation in history.
More players in the market are spreading out
Bitcoin or ethereum are huge and fairly well-known markets. Interestingly, however, the much smaller cardano, solana or luna have reached their all-time highs and survived the spring correction.
Bitcoin's dominance overall declines to 44 percent in the overall market, ETH is around 18 percent, and the aforementioned cardano, which is awaiting a September hard fork, comes into the fray, raising its share of the crypto market from 2.6 percent at the beginning of August to over 4 percent by month's end.
Daniel Kostecki, Chief Analyst Conotoxia Ltd.
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