Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) saw minor gains as the global cryptocurrency market capitalization rose 0.7% to $2.10 trillion.
What Happened: BTC rose 0.77% to $49,393.81 intraday, hovering just below the psychologically important $50,000 mark. For the week, the apex coin was up 3.82%.
See Also: How To Buy Bitcoin (BTC)
ETH traded mostly unchanged at $3,247.54 over 24 hours but was down 2.02% over a seven-day trailing period.
Dogecoin (CRYPTO: DOGE) fell 1.51% to $0.31 over 24 hours. The Shiba Inu-themed coin was down 6.68% over seven days.
Charles Hoskinson-created Cardano (CRYPTO: ADA) shot up 12.83% to $2.78 over 24 hours. ADA was up 28.97% for the week.
BTC fork Dash (CRYPTO: DASH) traded 11.86% in the green at $265.63 over 24 hours. Over seven days, DASH was up 24.98%.
On Sunday night, Telcoin (CRYPTO: TEL) saw the highest 24 hours gain as it rose 30.72% to $0.0283. Over seven days TEL was up 40.23%.
TEL was up 30.03% and 30.83% against BTC and ETH respectively. Since the year began, TEL has skyrocketed 16,440.22%.
Other coins that saw gains in 24 hours included Nano (CRYPTO: NANO), Avalanche (CRYPTO: AVAX), and Basic Attention Token (CRYPTO: BAT).
Nano rose 20.01% to $7.46, AVAX gained 10.65% to $47.25, and BAT was up 8.69% to $0.86 in the period.
Why It Matters: As Bitcoin approaches the key $50,000 level, analysts are cautioning that the cryptocurrency faces resistance, but also point to the all-time highs that lie beyond.
See Also: Bitcoin’s Rise Faces A ‘Rare Confluence Of Technical Obstacles’
Veteran options trader John Wick pointed on Twitter that there were “supply front fears of $50k distribution.”
Today is the first day we are testing my $50k target area and seeing a reaction.
So far a bit of supply front running fears of $50k distribution. If we can get past this area of resistance I’ll feel even more confident about ATH’s this year. pic.twitter.com/fWV0P1o0dW
— John Wick (@ZeroHedge_) August 21, 2021
Twitter handle “Material Scientist” warned of a “modestly bearish” setup based on analysis of futures market activity.
In addition, we still have a lot of 50k puts, suggesting we get rejected here. pic.twitter.com/amxO3rYW7C
— Material Scientist (@Mtrl_Scientist) August 21, 2021
Meanwhile, long-time gold bug Peter Schiff said over the weekend that if he could “go back in time” one of the things he would do differently is buy BTC.
Schiff still won’t buy BTC and described it as a “ground floor for an opportunity.”
“This is when the people who got in at the ground floor are getting out,” said Schiff — adding he is not, “not gonna be somebody’s exit strategy.”