Bitcoin rose 0.49 per cent to $50,188.4 at 1004 GMT on Sunday, adding $245.24 to its previous close.
The world’s biggest and best-known cryptocurrency is up 81 per cent from this year’s low of $27,734 on Jan. 4. It is at $51,788 at this writing, while ethereum at 3,957.
Ether , the coin linked to the ethereum blockchain network, rose 1.16 per cent to $3,932.07 on Sunday, adding $44.97 to its previous close. Ether has risen about 40 per cent in the past three months.
Major crypto tokens are trading at their highest level since May. Mudrex analyst Edul Patel told News18 that market conditions pointed to a handful of supply shock ratios, such as the movement of coin supply from speculators to long term holders and the exchange supply ratio, which shows the number of bitcoins available to buy on exchanges relative to the overall circulating supply.
Other blockchain-based currencies such as the third highest valued cryptocurrency, Cardano (ADA-USD) has more than doubled while a newer one, Solana (SOL-USD), has more than tripled in value over the past month. ADA and SOL have continued to notch almost daily all time highs for the past two weeks.
“Retail buyers are looking for percentage growth. While bitcoin reigns supreme, it has relatively stable growth while there is exponential growth happening on ethereum. That’s what really gets their attention,” explained CEO Chris Kline of Bitcoin IRA to Yahoo Finance.
Bitcoin’s August peak at $50K served as a “key technical and psychological level,” according to Will Clemente, an analyst at crypto mining and hardware broker Blockware Solutions. Clemente added that there are serious indications of further upward movement.
Clemente pointed to a handful of supply shock ratios, such as the movement of coin supply from speculators to long term holders and the exchange supply ratio, which shows the number of Bitcoins available to buy on exchanges relative to the overall circulating supply.