Bitcoin Hurdles Over the $47K Zone, Crypto Economy Nears $2 Trillion

The price of bitcoin jumped over the $47K handle on Friday afternoon and at 4:15 p.m. (EDT) the price tapped $47,929 per unit. Bitcoin has jumped over 8% today and is more than 45% up over the course of the last month.

Bitcoin’s Value Jumped 45% Last Month

The crypto economy grew to around $1.99 trillion on August 13, increasing more than 7.4% during the course of the day. The price of bitcoin (BTC) jumped over 8% and reached a new high for the month of August reaching $47,929 per unit. Seven-day statistics show BTC has climbed more than 11% and during the month more than 45% against the U.S. dollar. While a touch lower than the high this afternoon, BTC is still up 304% during the course of the year.

Out of the $1.99 trillion, however, bitcoin only holds a 45% dominance among the 10,000+ digital assets in existence. Ethereum (ETH) commands 19.4% of the crypto economy dominance, while BNB and ADA hold more than 3% per market. During the last 24 hours, BTC has seen $31 billion in global trade volume and its market cap is around $894 billion on Friday evening (EDT).

Tether (USDT) captures 54% of today’s BTC trades while the U.S. dollar commands around 15.1%. This is followed by BUSD (5.42%), JPY (4.79%), KRW (3.61%), EUR (3.43%), and USDC (2.02%). The creator of the stock-to-flow (S2F) bitcoin model, Plan B, retweeted an old tweet on Friday that he shared on June 20, which predicted similar price movements for June, July, and then the rise in August.

It was the same tweet Bitcoin.com News reported on the following day which showcased Plan B’s worst-case scenario prediction of $135K for December.

David Russell, VP of market intelligence at Tradestation Group has a less optimistic outlook than Plan B. “Bitcoin has surged more than 50% from its July 20 low, but now the rally may see a pause,” Russell told Bitcoin.com News on Friday. Russell added:

The recent peak near $47,000 almost exactly matches the low from April 25. It’s also near the same level below which sellers got aggressive May 16-18. This is the most significant resistance area Bitcoin has yet faced in the current rebound.

Meanwhile, as BTC has managed to hold above the $47K handle, the leading crypto asset faces heavy resistance ahead at the psychological $50K zone.