The price of Bitcoin reaches $ 45,000, the highest for more than 2 months. Next stop $ 50,000?

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Cryptocurrency prices continue to be on an uptrend on August 8th. The global crypto market cap over the past day was $ 1.83 trillion with a decline of 0.25% for the same period according to CoinMarketCap. At the time of this article, the price of Bitcoin stood at $ 45,040.19 with an uptrend of 1.16% in the last 24 hours and 13.70% in the last seven days.

Now, to give a broader perspective, Ethereum has also been at an all-time high since mid-May. The price of Ether at the time of this article was $ 3,060.76 with a downtrend of 1.52% in the past 24 hours and an increase of 18.06% in the past seven days. The market capitalization of the two major cryptos was $ 847.62 billion and $ 359.37 billion for Bitcoin and Ethereum, respectively.

The rise in Ethereums follows an extreme upgrade of the Ether coin and despite the uncertainty of the US infrastructure plan.

Bitcoin gained 3.1% on Sunday to hit $ 45,328. This is the highest level the world’s largest crypto coin has seen since May 18. For the same period, Ether saw a 3.5% increase, which left it at $ 3,191. The price hike came in the midst of London’s upgrade for the Ether network.

Speaking on the gains made by Bitcoin over the weekend, Edul Patel, CEO and co-founder of Mudrex, said: “It has been a delightful weekend for most cryptocurrency investors as all the major cryptocurrencies have maintained a steady increase over the past two days. The largest crypto by market cap, Bitcoin, has passed the coveted $ 43,000 mark. Ethereum has also increased significantly, based on the anticipation of the London Hard Fork upgrade. These two cryptos hit the highs set in early June. However, the latter part of the weekend saw profit bookings.

Patel added that crypto enthusiasts would be on their toes as the markets are a bit shaky as the weekend comes out. However, if buying pressure intensifies after the volume surges on Wednesday, we could see another short rally, as Ether may well surpass the $ 3,000 mark. “

The total volume of the cryptocurrency market over the past 24 hours has reached $ 102.88 billion, which is down 14.90%. Total DeFi volume currently stands at $ 10.11 billion, which represents 9.82% of the total crypto market in terms of 24-hour volume. The total value of all stablecoins at the time of writing this article was $ 82.02 billion. This translates to 79.73% of the total 24-hour crypto market volume. Bitcoin’s dominance on Monday was 46.48%, an increase of 0.57% on the day.

Commenting on Bitcoin’s scenario, ZebPay Trade Desk said: Over the weekend, BTC broke through the $ 45,000 mark, rallying nearly 25% since its low of $ 37,300 on August 5. The asset is currently trading at almost $ 43,500. The rally was supported by good volumes and momentum, and we saw whales buy even at these higher levels which is a bullish sign for the asset. This rally comes just days before the highly anticipated US inflation report in July.

So far this year, bitcoin bulls have responded positively to slight increases in inflation, and given how the market has moved over the past few days, this time around, the story doesn’t look different. More importantly, on-chain metrics are also good, with new BTC entities participating in the rally. However, care should be taken over the next few days, as is usually the case when BTC rallies significantly, historically corrections have taken place shortly thereafter as some traders look to record profits and to get out of their positions, ZebPay added.

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