- Bitcoin’s surge above $69,000 marks its highest level since mid-October, fueled by bullish technical signals.
- The cryptocurrency’s rise also lifted shares of crypto-related stocks, with Coinbase up over 3% in tandem.
- Bitcoin’s dominance is near 60%, its highest since 2021, showcasing strength against alternative cryptocurrencies.
Bitcoin, the most adopted and recognized cryptocurrency, went as high as $69,222 on Bitstamp Exchange according to Coingecko data, marking its highest point since mid-October, when it last traded at $67,487. This price-up move has been initiated primarily due to the ‘Golden Cross’ formation on the daily chart where 50 DMA has crossed 200 DMA in the bull offering the potential to scale higher in the near term. This latest surge underlines Bitcoin’s newer higher volatility after a year of prices that have been fluctuating.
Mining stocks return to the upside as Bitcoin nears $19K
The major Cryptocurrency companies also rose in correlation with Bitcoin’s increase. Coinbase (COIN) rose by over 3% and other top mining firms like Riot Platforms (RIOT) gained as well. This is evidenced by an analytics firm known as CryptoQuant that said that miners are placing their bets on further increases in the price of Bitcoin, which shows optimism over the short-term direction of Bitcoin price.
Bitcoin dominance has surged recently, inching close to 60% market share, the last time it achieved this was at the beginning of 2021. This value, which indicates the proportion of Bitcoin’s market capitalization to the whole cryptocurrency market, indicates stable positioning concerning altcoins and loyalty to Bitcoin’s position as the market leader in the sphere of digital assets. As the share of Bitcoin grows, the rest of the cryptocurrency market looks for how much longer it will sustain this trajectory primarily with Bitcoin crossing $70K, a significant level for bullish sentiment.
Market Analyst Provides the Estimate for Bitcoin’s Evolution
Market experts speculate on Bitcoin’s potential growth as momentum builds. Matthew Sigel, head of digital assets at VanEck, recently highlighted Bitcoin’s potential to become a global reserve asset, suggesting it could reach as high as $3 million by 2050 if adopted by central banks and used in global trade. Sigel credits the recent price rally to the accelerating growth of the money supply, underscoring Bitcoin’s role as an alternative financial asset amid changing global monetary dynamics.
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