{"id":10975,"date":"2021-08-14T01:54:08","date_gmt":"2021-08-14T01:54:08","guid":{"rendered":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-hurdles-over-the-47k-zone-crypto-economy-nears-2-trillion\/"},"modified":"2021-08-14T01:54:08","modified_gmt":"2021-08-14T01:54:08","slug":"bitcoin-hurdles-over-the-47k-zone-crypto-economy-nears-2-trillion","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/bitcoin-hurdles-over-the-47k-zone-crypto-economy-nears-2-trillion\/","title":{"rendered":"Bitcoin Hurdles Over the $47K Zone, Crypto Economy Nears $2 Trillion"},"content":{"rendered":"

The price of bitcoin jumped over the $47K handle on Friday afternoon and at 4:15 p.m. (EDT) the price tapped $47,929 per unit. Bitcoin has jumped over 8% today and is more than 45% up over the course of the last month.<\/strong><\/p>\n

Bitcoin\u2019s Value Jumped 45% Last Month<\/h2>\n

The crypto economy grew to around $1.99 trillion on August 13, increasing more than 7.4% during the course of the day. The price of bitcoin (BTC<\/a>) jumped over 8% and reached a new high for the month of August reaching $47,929 per unit. Seven-day statistics show BTC<\/a> has climbed more than 11% and during the month more than 45% against the U.S. dollar. While a touch lower than the high this afternoon, BTC<\/a> is still up 304% during the course of the year.<\/p>\n

Bitcoin (BTC<\/a>) on Friday, August 13, 2021.<\/p>\n

Out of the $1.99 trillion, however, bitcoin only holds a 45% dominance among the 10,000+ digital assets in existence. Ethereum (ETH<\/a>) commands 19.4% of the crypto economy dominance, while BNB<\/a> and ADA<\/a> hold more than 3% per market. During the last 24 hours, BTC<\/a> has seen $31 billion in global trade volume and its market cap is around $894 billion on Friday evening (EDT).<\/p>\n

Bitcoin (BTC<\/a>) on Friday, August 13, 2021.<\/p>\n

Tether (USDT<\/a>) captures 54% of today\u2019s BTC<\/a> trades while the U.S. dollar commands around 15.1%. This is followed by BUSD (5.42%), JPY (4.79%), KRW (3.61%), EUR (3.43%), and USDC (2.02%). The creator of the stock-to-flow (S2F) bitcoin model, Plan B, retweeted<\/a> an old tweet on Friday that he shared on June 20, which predicted similar price movements for June, July, and then the rise in August.<\/p>\n

It was the same tweet Bitcoin.com News reported<\/a> on the following day which showcased Plan B\u2019s worst-case scenario prediction of $135K for December.<\/p>\n

<\/p>\n

David Russell, VP of market intelligence at Tradestation Group has a less optimistic outlook than Plan B. \u201cBitcoin has surged more than 50% from its July 20 low, but now the rally may see a pause,\u201d Russell told Bitcoin.com News on Friday. Russell added:<\/p>\n

The recent peak near $47,000 almost exactly matches the low from April 25. It\u2019s also near the same level below which sellers got aggressive May 16-18. This is the most significant resistance area Bitcoin has yet faced in the current rebound.<\/p>\n

Meanwhile, as BTC<\/a> has managed to hold above the $47K handle, the leading crypto asset faces heavy resistance ahead at the psychological $50K zone.<\/p>\n

What do you think about the recent bitcoin price jump on Friday? Let us know what you think about this subject in the comments section below.<\/strong><\/em><\/p>\n

Bitcoin News
\nMarket Updates, analyst, Bitcoin, Bitcoin (BTC), Bitcoin Price, BTC, BTC\/USD chart, Crypto Prices, David Russell, Plan B, Price Model, Prices and Markets, S2F, stock-to-flow, Tradestation Group, worst case scenario<\/p>\n","protected":false},"excerpt":{"rendered":"

The price of bitcoin jumped over the $47K handle on Friday afternoon and at 4:15 p.m. (EDT) the price tapped $47,929 per unit. Bitcoin has jumped over 8% today and is more than 45% up over the course of the last month. Bitcoin\u2019s Value Jumped 45% Last Month The crypto economy grew to around $1.99…<\/p>\n","protected":false},"author":0,"featured_media":10976,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[53,3],"tags":[],"class_list":["post-10975","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain-news","category-coin-news"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10975"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=10975"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/10975\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/10976"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=10975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=10975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=10975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}