Prometeus, NEAR, Polymath Rally As Bitcoin Lines Up $51K Offensive; Here Is What Analysts Think

Bitcoin (BTC) capitalized on fresh strength of its own on September 3rd, rallying to highs of $51,064. Bulls ran a rampage across the cryptocurrency market as most Altcoins sustained their earlier rally. For instance, the second-largest cryptocurrency, Ethereum (ETH) returned past $4,000 on Sept. 3 for the first time since May. Ether had rallied to $4,030 as a solid week of gains culminated in a major price milestone.

At the time of post, top gainers across the Altcoin space remain aelf (ELF, +42.69%), Prometeus (PROM, +38.34%), Polymath (POLY, +39.30%), Solana (SOL, +10.25%), Near Protocol (NEAR, +18.08%), Revain (REV, +20.83%), Horizen (ZEN, +13.28%), ICON (ICX, +11.57%).

The total cryptocurrency market capitalization also rose by nearly 3% to stand at $2.28T at press time. The recent Altcoin bull market had Spot investors pushing several Altcoins well above their previous all-time highs. Cardano (ADA), Solana (SOL), The Sandbox (SAND), Perpetual Protocol (PERP), Kava.io (KAVA), and a few others had gone on to set fresh record highs recently.

This week, along the lines of crypto adoption, United States-based e-commerce platform Shop.com announced its partnership with crypto payment service provider BitPay, which will allow it to accept payments in several cryptocurrencies, including Bitcoin (BTC).

Likewise, The Dallas Mavericks, the NBA franchise owned by Mark Cuban, have started a cashback rewards program to incentivize merchandise and ticket payments in Dogecoin (DOGE). The rewards program dubbed “Mavs Cryptomania” will allow customers who spend more than $150 worth of Dogecoin in one transaction to receive a $25 e-gift card that they can use for online purchases in the Dallas Mavericks shop.

Meanwhile, OpenSea, one of the largest NFT marketplaces, has seen trading volume on its platform increase by over 76,000% since the beginning of 2021. Trading volume had surpassed $4 billion by Aug. 31, according to DappRadar.

Figures from Dune Analytics show that the trading volume of DeFi coins increased 152% month-on-month in August, bringing total trading volume past $11 billion. Several trading platforms and DeFi protocols have reached milestones, with UniSwap surpassing Coinbase’s daily trading volume on Aug. 30 and Synthetix regaining $1 billion in total value locked.

All this points to increasing utility with broader expansion in the DeFi and NFT ecosystems. In other news, to expand its Defi and NFT offerings, the TRON protocol has announced that it will soon launch BitTorrent Chain, a Layer 2 scaling and cross-chain solution, and migrate TRON’s DeFi, NFT, DAPP, and other emerging blockchains onto Layer 2 and cross-chain solutions.

At the time of writing, Bitcoin traded at $50,469.

Here Is What Analysts Think

Cryptoanalyst Michaël van de Poppe believes that a break out past $51k will result in further upside moves, stating in a Youtube update:

“The moment that Bitcoin is breaking out of this $51,000 level, the chances are that we just get one vertical candle towards $58,000, or even $60,000,”

He added that if this happens, Altcoins, which this week have gained considerably, may lose out heavily against BTC. At the time of post, the ETH/BTC pair was consolidating prior gains, barely up 1.81% on the day.

Coinbase #Bitcoin Balance, Courtesy: Glassnode

On-chain data is showing more and more similarities to mid-and late-2020 — the launchpad for Ethereum and Bitcoin bull market. Glassnode noted ”After a period of moderate $BTC inflows following the May Sell-off, Coinbase has seen a large outflow of coins.” Stating:

“On-chain activity on both chains has remained quiet relative to bull market highs, even as price momentum continues upwards, and bullish trends in supply dynamics remain in play. Notably, current activity on both chains is similar to the stable pre-bull accumulation range established in mid to late 2020,”

Courtesy: IntoTheBlock

IntoTheBlock’s shared insights indicate a comeback of BTC whales and institutional players as the number of large transactions on the network with a value of $100,000 or greater continues to grow.

Image Credit: Glassnode, IntoTheBlock, Shutterstock