Cryptocurrency market last week: Bitcoin hits $ 49,000, Solana grows 49x in 2021

Bitcoin price is approaching $ 49,000 on the finish of the week after falling beneath 44,000 USD on August 19 due to the Fed’s “turn off the tap” report. However, the previous week has marked the acceleration of different cryptocurrencies like Cadarno and Solana.

Bitcoin again to 49,000 USD, Cadarno and Solana hurry

On the morning of August 21 (Vietnam time), Bitcoin price typically touched the 49,300 threshold USD, the best degree since March 5, 2021, then fell to 48,854 USD, in line with information from CoinMarketCap. Over the previous week, Bitcoin has solely risen barely by virtually 3%, whereas Ethereum has declined barely after the 2 previous weeks of robust positive aspects.

The previous week marked the acceleration of different cryptocurrencies corresponding to Cardano, Ripple, Polkadot and particularly Solana.

Cardano is up practically 18% in the previous week, outperforming Binance Coin to grow to be the third largest digital forex in the world. On nearer inspection, this coin has risen 13 occasions in comparison with the start of 2021.

Meanwhile, Solana is up practically 81% in the last 7 days and up 48 occasions since early 2021. Thanks to this, this coin has simply entered the highest 10 largest cryptocurrencies.

Development of the highest 10 cryptocurrencies

From the morning of August twenty first

Source: CoinMarketCap

On the morning of August 21, the market capitalization of digital currencies is near the two,100 mark Billion USD, up sharply from practically 2,000 Billion USD the earlier week.

Bitcoin remains to be promising in the medium time period

“The medium-term outlook for the currency remains very promising,” stated Erlam. “In the quick time period, nevertheless, traders will proceed to take earnings and Bitcoin might in flip lose its high 43,000 milestones. USD, 42,000 received USD and 41,000 received USD“he warned.

According to monetary professional Edward Moya of consulting agency Oanda (based mostly in the US), the outlook for Bitcoin remains to be rising as Asia continues to simply accept the cryptocurrency.

Bitcoins motion

Source: Coindesk

According to the Global Crypto Adoption Index, Chainalysis’s international cryptocurrency adoption index, cryptocurrency adoption has elevated 880% over the previous yr. Vietnam, India and Pakistan are the main nations.

“Jack Dorsey’s support and bitcoin mining efforts also support crypto,” added Moya. In addition, in his opinion, the world of NFT (non-fungible tokens) is busy once more. This fuels ether, the second largest cryptocurrency.

On August 18, billionaire Jack Dorsey – CEO of Twitter and Square – introduced that he was attempting out bitcoin mining with Compass Mining, a service that shops, gives, and operates cryptocurrency mining rigs for particular person miners.

At the Bitcoin 2021 convention in June, Mr Dorsey acknowledged that he sees Bitcoin as one of the simplest ways to guard towards forex devaluation whereas making cross-border transfers simpler.

After Amazon, Starbucks, it’s Walmart’s flip to enter the world of digital currencies

Additionally, the digital forex market additionally obtained assist last week from information that the world’s largest retail chain, Walmart, is recruiting a digital forex professional to broaden its fee choices.

According to the job posting on the Walmart web site, the above place will work as a digital forex specialist on the firm’s headquarters in Bentonville, Arkansas, USA. This individual shall be answerable for creating Walmart’s “Crypto Strategy and Product Launch Roadmap” and defining “Cryptocurrency-Related Partnerships and Investments”.

According to Walmart’s job posting, the corporate is searching for a “visionary leader” with at the very least 10 years of expertise in product or know-how administration to develop a blockchain technique. Preference is given to these with “knowledge of the cryptocurrency ecosystem” and “business mindedness”.

Walmart’s job posting comes simply weeks after e-commerce big Amazon posted an identical job posting for its funds division.

“We are excited about the innovation in the crypto space and are investigating how we can grow crypto on Amazon. We believe that the future is based on new technology that enables fast, modern payments at low prices. We look forward to offering Amazon customers this future as soon as possible, ”an Amazon spokesman instructed CNBC on the time.

In addition to Amazon and Walmart, many Fortune 500 corporations corresponding to JPMorgan Chase, Apple, and PayPal are additionally hiring for crypto-related positions. Several corporations corresponding to Starbucks, Whole Foods and Home Depot have allowed all clients to pay with cryptocurrencies via apps that allow digital forex exchanges. USD.

Vu Hao