Crypto market update: BTC increases to $47,000

It has been predicted that bitcoin could reach $500,000 in 2026

Several tall stacks of bitcoin tokens                                 
Bitcoin is on the rise again – Photo:Shutterstock

The price of bitcoin (BTC) ended yesterday on $47,121 after experiencing a rise of 4.79% during the day, according to The leading cryptocurrency’s price is now $47,244.  

The volume of BTC has decreased by 23.09% over the past 24 hours. Six out of the top 10 cryptocurrencies on CoinMarketCap are up with BTC up by 2.68%.

Ethereum (ETH) is up by 2.15% to $3,402, with cardano (ADA) down by 0.78% to $2.39 and the stablecoin tether (USDT) down by 0.03%. It nevertheless remains valued at $1.

Binance Coin (BNB) is up by 4.42% to $422 and ripple (XRP) is up by 0.84% to $1.09. Dogecoin (DOGE) is also up by 1.38% to $0.24.

Bitcoin to be valued at $500,000 in 2026

In five years’ time the price of BTC will stand at $500,000, said Cathie Wood, CEO of Ark Investment, speaking at the SALT Conference in New York on 13 September.

Ark Investments also has strong confidence in ETH, therefore the firm’s future exposure to crypto will likely comprise 60% BTC and 40% ETH.

The CEOs prediction depends on whether more businesses continue to diversify their balance sheet by adding BTC, and if institutional investors allocate around 5% of their portfolios to BTC and other cryptos.

The attractiveness of ETH is down to the explosion of non-fungible token (NFTs) and Decentralised finance (DeFi), according to Wood.

As Wood explained, “Our confidence in Ethereum has gone up dramatically as we have seen the beginning of the transition from proof-of-work to proof-of-stake” – this occurred at the "London Hard Fork" network upgrade or the EIP-1559 on 5 August, which saw the crypto shift from proof of work (PoW) to proof of stake (PoS).

Crashes and app failures

However, BTC is also subject to drops and increases, especially as seen in the recent response to the issues around El Salvador’s decision to make bitcoin legal tender on 7 September.

Following the announcement, BTC crashed from $52,698 to $46,891, largely due to technical glitches in the Chivo wallet app used to support BTC payments, which experienced problems due to capacity issues. 

Since then, El Salvador has been experiencing continued technical issues with the Chivo Wallet app. As Nayib Bukele Ortez, president of El Salvador, tweeted: “For a few moments Chivo wallet won’t work, we have disconnected it while increasing the capacity of the servers. 

“The installation problems some people had were for that reason. We prefer to correct it before reconnecting it.”

Biggest risers 

The biggest riser of the day is Hedera Hashgraph (HBAR), which is up by 19.27% to $0.53.

CoinMarketCap says of HBAR: “As the ‘trust layer of the internet’, Hedera Hashgraph is a public network that allows individuals and businesses to create powerful decentralised applications (DApps)”.

The second-biggest riser of the day is Curve DAO Token (CRV), which has shot up by 18.43% to $2.85. According to CoinMarketCap, CRV “is a decentralised exchange for stablecoins that uses an automated market maker (AMM) to manage liquidity”.

The third-biggest riser of the day is Aave (AAVE), which rose by 14.81% to $383. Aave, says CoinMarketCap, “is a decentralised finance protocol that allows people to lend and borrow crypto”.

Biggest fallers

Mina (MINA) is the biggest faller of the day, dropping by 7.10% to $5.92. MINA “is a minimal ‘succinct blockchain’ built to curtail computational requirements in order to run DApps more efficiently”, according to CoinMarketCap.

The second-biggest faller of the day is Algorand (ALGO), which dropped by 6.09% to $2.04 following news of New York-based Drone Racing League (DRL) signing a sponsorship agreement deal with Algorand.

Algorand was founded in 2017 by Massachusetts Institute of Technology (MIT) computer science professor Silvio Micali. Micali notably won the 2012 Turing Award for his work in cryptography, which focused on the theory and practice of secure two-party computation, electronic cash, cryptocurrencies and blockchain protocols.

The third biggest drop of the day was Raydium (RAY), which fell by 5.18% to $13.56. According to CoinMarketCap, RAY “is an automated market maker (AMM) and liquidity provider built on the Solana blockchain for the Serum decentralised exchange (DEX)”.

All prices were correct today (Wednesday 15 September) as of 11.00 BST (UTC +1).

Bitcoin to US Dollar
Daily change
Low: 41308.8
High: 43166.1

Further reading: Crypto market update: BTC rises to $46,000

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