There would be no one on the planet who is aware of the crypto industry but has never heard of Bitcoin. When it comes to crypto, everyone thinks of Bitcoin as the most common state. The crypto industry has grown rapidly in the last few years, gaining many new users and evolving at a rapid pace.
Following the crypto market crackdown, the industry gradually recovered and is now presenting a bullish catalyst. Bitcoin’s price surpassed $47,000 on Friday, setting a new high in August and breaking through a major resistance level.
Bitcoin has surged up over 9.4% for the past week and nearly 45% over the course of the past month. Moreover, BTC is marching towards the $50,000 zone presenting its bullish pattern. Bitcoin is still 304% over the course of a year, thus it has never disappointed its users and the potential is still high.
Crypto Economy Grew Around $2 Trillion
As the world acknowledges, the crypto industry has expanded and it’s economy has grown around $1.99 trillion. However, out of the $1.99 trillion, bitcoin has only a 45% dominance among the 10,000+ crypto assets in the market.
On the other-hand, ETH controls over 19.4% of the crypto-dominance whereas BNB and ADA each control 3% of the market. Besides, Plan B, the creator of the stock-to-flow (S2F) bitcoin model, retweeted an old tweet from June 20.
— PlanB (@100trillionUSD) August 13, 2021
Aug > $47K https://t.co/tj6SSwSzKR
The tweet states the similar predicted price movements for June, July and followed by August rise. The post presents the worst case scenario prediction that BTC hits $135K in December.
However, since the crypto crackdown, BTC has struggled to break through the $30K barrier, but it has now recovered. Moreover, Bitcoin has managed to reach over $47K level, which has the leading resistance-level and is now moving towards $50K level.
