The price of bitcoin is approaching the all-time high of the crypto asset on Saturday, as the digital currency has gained more than 6% in the past 24 hours. The last time the value of BTC was so high was during the first week of January, when bitcoin hit a $ 42k high that week.
Crypto prices start to rise, bitcoin surpasses the psychological limit of $ 40,000
Bitcoin (BTC) is up 6% today and hovering over the price of $ 40,000 during Saturday morning trading sessions. In the past seven days, BTC has gained 17.6%, but over the past month, BTC has risen just 2.3% today. Three-month statistics show that bitcoin has also gained 160% and 311% against the U.S. dollar in the past 12 months.
Today, BTC has a dominance rate of around 62%, even during rising prices. That’s because currencies like ethereum (ETH) and bitcoin cash (BCH) and others have made some significant gains. So far, with a global market valuation of $ 1.16 trillion, BTC’s total market capitalization is hovering around $ 750 billion this Saturday.
Meanwhile, as the ethereum (ETH) reached new price peaks on Friday, jumping to more than $ 1,750 per unit, the price has since dropped. ETH is currently exchanging hands for $ 1,680 per currency with a market valuation of around $ 193 billion.
The biggest winners in the top ten cryptographic list on Saturday include binance coin (BNB) and bitcoin cash (BCH). BNB gained an incredible 24% today and is trading at $ 73 per unit. Bitcoin cash (BCH) was up 8.6% on Saturday morning and traded for $ 474 for BCH.
Today’s biggest winners include ultrain (UGAS), stakenet (XSN), airswap (AST), linkeye (LET) and district0x (DNT). Saturday’s biggest losers include akropolis (AKRO), reddcoin (RDD), nexus (NEXO), mossland (MOC) and swissborg (CHSB).
A growing wave of institutional investors and global adoption
On Wednesday, senior commodities strategist Mike McGlone said he believed the BTC could reach $ 50,000 soon. “About $ 30,000 is the limit supported by a rising tide of institutional investors and global adoption as a store of value,” emphasized McGlone. “Our chart shows the 20-week moving average benchmark crossing over $ 20,000, which we see as an extreme disadvantage in the event of a risk fainting similar to 1Q20.”
McGlone added:
Bitcoin’s 260-day volatility is in the early days of rock bottom, from an all-time low compared to the same gold measure, similar to the beginning of 2017. Our [findings] depict accelerated flows to the Bitcoin Trust (GBTC) in shades of gray as they decrease in the total of gold bonds known in the ETF. With almost 700,000 Bitcoins, the GBTC is reaching record highs, while gold ETFs have dropped to around 107 million ounces since the peak in October, just over 111 million.
Next launch of CME Futures raises the price of Ethereum
In addition, crypto proponents and industry executives also believe that ethereum (ETH) is heading for higher numbers. Paolo Ardoino, CTO at Bitfinex recently discussed increasing the value of ETH in an investor note sent to news.Bitcoin.com. “Ethereum is apparently ‘going to the moon when it reaches another high point above $ 1,700,” wrote Ardoino.
“There are many moving parts for the second largest cryptocurrency by market capitalization. Skeptics can focus on the challenges she faces. But hackers and programmers love to solve problems. Ethereum was designed to be a currency to power an application ecosystem and we are still at the beginning of this journey. Meanwhile, the next release of CME Futures represents another milestone in the sense that cryptography becomes an established asset class, ”concluded the Bitfinex CTO.
What do you think of the recent price movements in cryptoeconomics? Let us know what you think about this in the comments section below.
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