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Bitcoin Nears $52,000; Up 81% From This Year's Low

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On September 6, cryptocurrency prices are still rising. The worldwide cryptocurrency market capitalization is $2.34 trillion, up 2.79 percent from the previous day, while total crypto market volume is $118.20 billion, down 6.37 percent in the last 24 hours.

 

Over press time, Bitcoin was trading at $51,707, up about 3.16% over the previous week. Last week, higher price movements in cryptocurrencies have coincided with a rebound in global stocks, indicating that investors have a stronger appetite for risk.

Bitcoin Nears $52,000; Up 81% From This Year's Low

The world's largest and most well-known cryptocurrency is up 81 percent from its low of $27,734 on January 4 of this year.

For the first time since May, Ether, the second-largest cryptocurrency by market capitalization, surpassed $4,000 on Friday. Now it is trading at $3,923 at press time. Over the last week, ETH has gained roughly 20%, continuing its outperformance over bitcoin.

After surviving a more than 50% fall during the summer, Bloomberg's Crypto Outlook named $100,000 BTC and $5,000 Ether (ETH) the "route of least resistance."

According to one statistic, Bitcoin (BTC) should cost at least $55,000 per coin due to its so-called "supply shock."

 

Analyst Willy Woo highlighted what he described as a "conservative" price projection for BTC/USD in a tweet on September 5.

Investing in cryptocurrency is still a high-risk proposition. If you want to invest at all, you should only invest what you can afford to lose.

The world's first successful decentralized cryptocurrency and payment system, Bitcoin, was founded in 2009. Cryptography - a scientific method of encoding and decoding data - is used to secure and verify transactions in a group of digital assets known as bitcoin. Those transactions are frequently stored on computers all around the world using blockchain, a distributed ledger technology.

The amount of Ethereum destroyed by EIP-1559, a recently implemented upgrade that burns transaction fees that were previously paid to miners, has topped 200,000 ETH (about $675 million at current rates).

Late this year or early in 2022, Ethereum's blockchain will "merge" with the proof-of-stake version. Ethereum 2.0 will, however, take a few years to catch up to Ethereum 1.0 in terms of smart contract capability.

According to the Wall Street Journal, the US Securities and Exchange Commission (SEC) is looking into the developer of the decentralized exchange Uniswap.

According to the source, the SEC is interested in learning more about how investors use the exchange and how it is advertised.

Read more about: bitcoin ethereum cryptocurrency
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