Bitcoin reaches $50,000! Should I sell?
“Should I sell my Bitcoin?” is the only question that comes into the minds of crypto players, after seeing Bitcoin reach $50,000 after a month. As we know Bitcoin’s valuation is always a kind of roller coaster ride, making it hard for the holders to decide upon trading signals.
Bitcoin’s price hit the mark of $50,000+ for the first time in 30 days. According to the Coingecko listing, Bitcoin is priced at $50,312 on the 5th of October (Tuesday). Bitcoin’s price fell off the $50k mark on September 7 as there was a major selloff in the shares of blockchain-related companies. From that day, the curve was never upward, hitting a low of $40,596 on the third week of September.
Prices of Ether and other cryptos
Every individual in the cryptocurrency space endorses the fact that Bitcoin’s price decides the price of every other coin in the market unmindful of their market capitalization. Ether (ETH), the second-largest coin by market cap has experienced a surge of 3% following Bitcoin’s rise. Obviously, Litecoin, Uniswap, Cardano, Dogecoin, and XRP are higher than the previous weeks.
Is India in the picture of Bitcoin’s surge?
Almost all developed countries have adopted cryptocurrencies in their regular markets. The nationalized banks and governments support the direct use of crypto assets in the market in exchange for products or services. There are even cryptocurrency ATMs and merchant apps in many countries.
So, the price of cryptocurrencies is dependent on the activities of developing countries and the good part is they are doing their part right. Chainalysis states that India, Pakistan, and Vietnam are helping mass adoption of cryptocurrency in Eastern and Central Asia. It also added that Pakistan’s cryptocurrency market grew 711% and India by 641% (estimate based on the total cryptocurrency received by each country).