While some market participants are panicking amid the recent crash, the most fervent HODLers are buying the dip. El Salvador’s president Nayib Bukele just announced a purchase of another 410 Bitcoin for $15 million. A Nation-State Buys The Dip Bukele announced his recent purchase in a tweet moments ago, faking out some of his followers. The president – known for trading the nation’s Bitcoin from his phone – last purchased Bitcoin in December. After bagging 21 Bitcoin for $1 million,…
Feeling bullish? After achieving its first all-time high since April last month, Bitcoin has done it again within only weeks. Following a brief retesting at $60k, the primary cryptocurrency has surged back up to $67k and beyond. Furthermore, given the successes of various altcoins, the total cryptocurrency market cap has overtaken $3 trillion for the first time.
Bitcoin To The Moon
According to CryptoAdventure’s live price data, Bitcoin broke towards the upside late yesterday around 8pm EST.
After seesawing between $60k and $63k for days, its price finally surged after the weekend and broke beyond $65k.
This was the only time the cryptocurrency had ever seen such highs besides mid-October. It likely had something to do with the end of the weekend, which is typically a good time to buy crypto.
But it didn’t end there. On Monday evening, the price crept back up to the upper 66 thousands, before quickly breaching $67k. After that, excitement flourished, and Bitcoin’s price surged towards the upper 67 thousands, where it currently sits.
This is head and shoulders above October’s high, which barely touched $67k before receding back below $65k for weeks.
In the macro sense, it is quite expected that the cryptocurrency would be exploding in value around this time. Approaching the end of its four-year cycle, Bitcoin is surging from the supply squeeze induced by last year’s block-reward halving.
Meanwhile, Bitcoin’s market cap is back above $1.25 trillion – over 90% of silver’s market cap. It would be a monumental moment for Bitcoin to flip the monetary metal, especially because it is so often called “digital gold”.
The Other Cryptos Follow
The rest of the cryptocurrency market has also seen gains. Before Bitcoin passed $67k, the cryptocurrency market had already passed $3 trillion in total. Much of the remaining value rests with Ethereum, which currently dominates about 15% of the cryptocurrency market. Its price also touched a new high, moving above $4800 this morning.
As is typical with bull cycles, interest in cryptocurrency is surging among the general public. Last month, both Crypto.com and Coinbase reached the top of the Google and Apple Play Stores respectively. Furthermore, Google search trends indicate that “crypto” is reaching popularity it hasn’t seen since May.
With BTC hash rate up, interest surging, and HOLDers holding strong, the crypto market appears ready for liftoff. For Bitcoin, the best may be yet to come.