After several months of procrastination and convalescence, bitcoin is back on its way to the top. It went back above $ 50,000 for the first time since mid-May, settling on Monday at $ 50,227 (42,816 euros), up 2%. Since the start of the year, it has increased by 75%.
After a series of short-lived rebounds, the crypto leader regains confidence, without giving in to premature euphoria. It is almost 30% of its record reached in April (64,829 dollars). Its volatility has decreased by 60% since the May storm.
Hedge funds remain cautious and are betting on a modest pullback and consolidation in the price of bitcoin after its summer surge. Traditionally, bitcoin gains around 11% in August on average, and six out of ten times experience a correction the following month. Hedge funds specializing in crypto gained nearly 10% in July and are up 101% since the start of the year, according to Eurekahedge.
Some managers are hedging against a new correction. The options markets estimate the probability that the price of bitcoin will exceed $ 100,000 by the end of the year at only 6%. They estimate it has a one-in-two chance of settling at $ 40,000 in December, according to data from derivatives analysis firm Skew.
Nevertheless, in ten years, the price of bitcoin could be multiplied by more than 10 to 700,000 dollars according to Dan Morehead, of the hedge fund Pantera Capital.
Long-term investors (institutional, corporate, etc.), for their part, accumulated bitcoins during the summer in the hope of a rebound. Coinbase will invest $ 500 million in cryptos and in the future 10% of its profits will be placed in these assets.
According to Will Clemente, crypto analyst, long-term investors own 84% of issued bitcoins and hold them against thick and thin. For lack of sellers, the price of the crypto leader is irresistibly pulled up.
The global crypto market currently weighs $ 2.170 billion, up from nearly $ 2.5 trillion at its record high in early May.
Of the top 20 cryptos, only 4 were in decline on Monday. Ether gains 2% to 3,330 dollars (2,837 euros). Its price was multiplied by 4.5 in 2021, in the leading pack of cryptos. Its volatility has fallen sharply since the end of May. It was practically halved.
Dogecoin gains 1% to $ 0.32 and weighs $ 42.3 billion, at 7e world rank. Over one year, dogecoin tops the charts with a performance of 9.412%, followed by cardano (2.218%), Binance Coin (2.174%) and Solana (2.128%). Bitcoin, for its part, has gained 332% over the past twelve months.