Bitcoin Breaks 50k Barrier, Cardano Making Its Way up Fast

For the first time since the beginning of last May, Bitcoin, the largest cryptocurrency by value, succeeded in surpassing the $50,000 levels, which served as an important psychological resistance point for the bulls.

According to analysts, testing the levels of $50,000 establishes new support levels above the $48,000 in an attempt by the bulls and purchasing forces to test new levels during the upcoming sessions.

Bitcoin is trading within 24 hours between the levels of $48,199 and the top of $ 50k, while it rises during those moments by about 2%.

The market value of the number one digital currency in the world jumped to more than 941 billion dollars for the first time since the beginning of last May.

Ethereum, 2nd large trading cryptocurrency up 2% at $ 3.3k, with a market value of $ 390 billion.

While Cardano continues to consolidate its strong gains, reaching levels of $2.8, it comes in third place among cryptocurrencies with a market value of about $90 billion.

Although Bitcoin has grabbed the attention of cryptocurrency investors this morning after breaking the 50,000 marks, in fact, the top-performing cryptocurrency among the top 50 at the time of writing is Avalanche, the 22nd cryptocurrency by market cap, which has gained over 15% since yesterday, and over 155% Over the course of a week!

One of the main drivers of the cryptocurrency’s rally was the August 18 announcement of a $180 million cash-mining stimulus program jointly launched with Eve & Curve and designed to introduce more applications and assets into the growing Davey ecosystem.

Three reasons for the significant price growth from AVAX are its rapidly expanding DeFi ecosystem, the release of the Avalanche bridge to Ethereum, and the protocol’s unique tokenomic design that offers dynamic fees and a token burn mechanism.

Elsewhere, rumors have been circulating about payment giant PayPal plans to expand into the cryptocurrency since last month when CEO Dan Schulman told investors that the UK would likely get the service soon.

Hours ago, PayPal announced that its customers whose identity has been verified through KYC rules will soon have access to cryptocurrency trading.

However, cryptocurrency market transactions for PayPal merchant accounts are not yet supported.

From this week, UK residents will be able to buy, hold and sell cryptocurrency through PayPal for the first time – a milestone for a company that began offering digital asset services less than a year ago.