Why is Bitcoin unable to overcome the $ 50K level?

The calm that was observed on Wall Street at the end of August also affected the cryptocurrency market: Bitcoin stabilized below $50,000 after its rally. Recall that from January to mid-April, the most popular digital currency rose to $60 thousand, subsequently falling below $30 thousand.

The reason for the inactivity of bitcoin today can be called the fact that investors are switching to other currencies on the crypto market. In particular, according to CoinShares, in August, the inflow of funds to Ethereum funds amounted to $22.4 million, and the inflow to Cardano funds (which has a blockchain platform similar to Ethereum) amounted to $18.7 million. the growing popularity of non-fungible tokens (NFT). Basically, NFTs are digital assets similar to Bitcoin, with the only difference that each NFT is unique.

On the largest exchange NFT OpenSea, the volume of token trading over the past 30 days amounted to $3.5 billion, while until August, the total trading volume since its foundation in 2016 was about $1 billion.

Interest in NFT was also boosted by news that two large American companies, Visa Inc and Facebook Inc, have taken steps in this market. Visa acquired NFT under the name CryptoPunks, and Facebook said it is considering building services for NFT in its new digital wallet.