Bitcoin back above US$50,000, Ethereum soars and Cardano hits new high

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Crypto markets rallied on Thursday with Ethereum and Cardano among the highlights in early hours dealing.


Eth traded up to an intraday high of US$3,841, and, was recently up 5.71% at US$3,741.


Cardano, meanwhile, set a new all-time high as crypto-heads continue to flock to the ADA coin whilst the underlying blockchain tech progresses with its update that will add smart contracts and is expected to bring higher volumes to the platform.


Bitcoin advanced around 5% back above US$50,000.


“As expected, Bitcoin saw some resistance at the psychological US$50,000 mark last week, which led to a pullback towards US$46,500, allowing new buyers a little bit of a breathing room,” DailyFX analyst Daniela Hathorn said in a note.


“Momentum seems to be picking up once again but there is likely to be some strong resistance up until US$55,000 as sellers battle to keep their positions, so further sideways consolidation cannot be ruled out within this US$5,000 gap.


“A break above US$52,700 would be a good sign that buyers are positioning themselves to tackle the next psychological resistance at US$55,000”.


Ripple’s XRP climbed 6.9% to US$1.28 whilst Dogecoin gained 7.9% to 30.31 cents.

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