Bitcoin (BTC) During the past two weeks, K renewed interest Cryptocurrency The price has seen an increase of almost 10 thousand dollars, due to which it reached its highest level in 18 months.
Bitcoin’s price rose above $35,000 for the first time since May 2022 on Thursday, pushing its total market cap above $700 billion.
This growth is driven by renewed institutional interest, which is expected to record record growth over the coming half-year.
The event, to be held in April 2024, will see Bitcoin’s output halved in a move to curb inflation that was hardcoded into its underlying blockchain by its pseudonymous creator Satoshi Nakamoto.
According to the well-known Dutch analyst ‘Plain B’: ‘Bitcoin’s price has reached a point of no return. Its market growth is inevitable.’
Bitcoin is beyond the point of no return, a bull market (green) is inevitable, IMO. The only questions are: when does FOMO start, how high will this bull go, and how long will it last? pic.twitter.com/NuKPCZX1VC
— PlanB (@100trillionUSD) November 1, 2023
Clearly Plain B had previously correctly predicted the cryptocurrency’s semi-circle pattern through its price models, which it says now only questions the ‘Fear of Missing Out’ (FOMO). ) when does it start, how high will this increase go and how long will it last?’
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Among those betting on the rise is MicroStrategy, a software firm that has made bitcoin investing its primary strategy in recent years.
The American company bought another 155 bitcoins in October at an average price of $29,586 per BTC, bringing its total holdings to 158,400 BTC.
MicroStrategy co-founder Michael Seiler said during a teleconference Wednesday that “positive regulatory action” and increased transparency will make it easier for institutional investors to buy bitcoin.
MicroStrategy Chief Financial Officer Andrew Kong added: ‘Our commitment to acquiring and holding Bitcoin remains strong, especially against the promising backdrop of increased institutional adoption.’
Recent data has also led to speculation that a new era is emerging for the crypto market driven by a new wave of investors.
According to Matteo Greco, a research analyst at crypto investment firm ‘Finakia International’: ‘From October 22 to October 28, its total daily volume reached $2412 billion, the highest level recorded since March.’
According to him: ‘This increase in volume is mainly due to the increase in Bitcoin trading activity. In particular, the total trading volume of BTC in the last seven days reached 9.1 billion dollars, which is a significant increase of 42% compared to the previous week and 139% compared to two weeks ago. These trends indicate a gradual influx of new investors into the market.’
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2024-10-05 02:05:23
