Bitfinex CTO hails bullish phase in crypto market

The cryptocurrency market has flipped bullish for the first time since 2017 as Bitcoin begins to set its sights on a new all-time high

Bitfinex CTO Paolo Ardoino has claimed that ‘the age of cryptocurrency has well and truly begun’, in light of Bitcoin’s recent rally to $16,000.

Bitcoin has paved the way for momentous moves across the board this morning, with Ethereum experiencing a 10% surge to the upside while coins like Litecoin and Chainlink are up 12% and 13% respectively.

The market-wide rally coincides with the US presidential election, which is currently being labelled as ‘too close to call’, although analysts forecast a Joe Biden victory in the coming days.

“We’ve witnessed Bitcoin’s ascent and dominance as the final votes of the US election are being counted.” Said Ardoino.

The Bitfinex CTO then heaped praise on Ethereum as its daily volume has increased from $14 billion to $19 billion across all exchanges.

BTCUSD chart by TradingView

He added: “The spike we’ve also witnessed in Ethereum trading volumes over the past 24-hours is spectacular in a year where it has powered so much innovation in the digital asset space.

“As Tether’s market cap breaches the $17 billion mark, it could be said that the age of cryptocurrency has well and truly begun.”

Bitcoin moves into the typically low volume weekend on the back of touching the $16,000 level of resistance yesterday evening. If it can break above that point before the weekly candle closes, it will likely push towards a new all-time high in the coming weeks.

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Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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