Bitcoin soars and surpasses US$ 42,000 with indicators showing a resurgence in the market

SAO PAULO – Bitcoin regains strength this Friday (6), on a positive day for the cryptocurrency market as a whole, surpassing for a moment the US$ 43,000 mark, which hasn’t happened for almost 3 months.

In a week of ups and downs, the world’s largest digital currency hit the $37,000 mark on Thursday, but then began a strong rebound, settling above $40 overnight and into the night. which gained strength late this morning.

At 2 pm (Eastern time), Bitcoin registered an increase of about 7% in the accumulated of 24 hours, quoted at US$ 42,364, reaching US$ 43,053 at its highest for the day, the highest value since May 18, when it was in a slump after hitting its record high of $64,000 in April.

In reais, the cryptocurrency appreciated 9.6% at the same time, at R$ 223,099.

The movement is also positive for most of the main digital assets in the market, such as Ethereum, which rises 3% to US$ 2,856, extending the gains of the last days after undergoing an important update of its network, with the so-called hard fork London (see more by clicking here).

Among the biggest hikes, pay attention also to Polkadot, with gains of 6.8%, to US$ 20.32, in addition to Solana, which rises 8.5%, to US$ 39.51. Yesterday, together with the BRZ, the Solana Foundation launched a US$ 20 million (about R$ 100 million) fund to finance cryptocurrency projects in Brazil.

The recent news has been very positive for the market as a whole, after the scares caused by the Chinese crackdown on miners and companies linked to trading in crypto, speeches from monetary authorities around the world and messages from Tesla CEO Elon Musk.

Recently, the hash rate, which measures the computational energy used in bitcoin mining, rose again after collapsing between May and June, indicating that miners expelled from China have already started to relocate to other regions, helping to allay the fears of some investors.

Although they have no direct impact on quotes at this time, some corporate initiatives also help to excite the market, such as the recent news that Amazon is opening a job opening focused on the cryptoactives market.

Other technical data also help to understand the optimism at this point. Fernanda Guardian, a cryptocurrency specialist at Levante Ideias de Investimentos, says, for example, that the market has gained depth.

“The total number of outstanding derivative contracts, such as options and futures, calculated by the Open Interest Bitcoin Futures indicator has been increasing in the last 30 days. This reveals that the market is reheating and that trading volumes are increasing”, she highlights, pointing out that the indicator includes all purchase and sale contracts that were not settled.

According to her, in addition to the growth in trading volume, another indicator that proves the market’s recovery is the Number of Active Entities, which refers to the number of active addresses on the network as sender or recipient, and includes only successful transactions.

On July 31, it reached the same values ​​as in January 2021, which may be an indication that there are new players in the market and that existing players are doing more business and taking more positions. “The market seems to be recovering from the falls and the pessimistic news during the months of May and June”, says Fernanda.

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