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Home Markets Cryptos

No giving up, Bitcoin gains $5,000

Olumide AdesinabyOlumide Adesina
2 years ago
in Cryptos, Spotlight
Crypto, Investors flock to US dollar, Gold, Bitcoin, as Global Stocks record heavy sell-offs, Twitter Poll: Bitcoin price expected to reach $100,000 by 2021, cybercriminals, What it will take Bitcoin to hit $100,000?
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Bitcoin is definitely now on steroids, as it rebounded strongly some hours ago.

In less than eight hours, bitcoin surged from $30,300 to $35,400 and still showed no signs of slowing down.

Since the start of 2021, the most popular crypto asset has gained about $5,000 this year alone amid strong buying pressure from leading financial brands across the world.

READ: Only 2.43 million Bitcoins left for mining

What you should know: At press time, Bitcoin traded at $35,402.67 with a daily trading volume of $11 billion. Bitcoin is down 1.07% for the day.

Recall on Monday, Bitcoin and the rest of the crypto market dipped suddenly, with bitcoin losing as much as $10,000 in a day. However, it quickly bounced back, recovering most of its value as the dip was rapidly bought up by eager investors waiting to be part of Bitcoin’s meteoric rise.

READ: 78% of Bitcoins in circulation not for sale

What this means: Despite failing to break through its lifetime high price level of $42,000 resistance on Sunday, Bitcoin quickly bounced from its $30,000 plunge sighted yesterday and just broke above the $35,200 price levels.

  • It is key to observe that when the world’s most popular crypto makes a new high, traders expect some form of correction, and that’s why there is a significant amount of market volatility as sellers and buyers try to take hold.
  • Investments from Square, Paul Tudor Jones, MassMutual, and SkyBridge Capital are further indisputable evidence of big money investors in the flagship crypto market.

READ: Bitcoin miners are super-rich, earn $1,000,000 per hour

Also playing to the hands of Bitcoin bulls are macros showing 78% of the circulating Bitcoin supply is illiquid and therefore hardly accessible for buying.

This points to a bullish investor sentiment as large amounts of BTC are being hoarded – which reduces selling pressure.

READ: Computers might steal Satoshi Nakamoto’s Bitcoin fortune

This week I'm following Rafael Schultze-Kraft (@n3ocortex), CTO of glassnode which is one of the great sources for on-chain analytics for #Bitcoin

Rafael has written some very insightful articles (see one below) which you should check out

Follow Rafael!https://t.co/drr2oorYzw

— Vijay Boyapati (@real_vijay) January 11, 2021

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Tags: BitcoinBusiness NewsCryptocurrencyCryptocurrency NewsGlassnode

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