Bitcoin pair
Bitcoin has triumphantly broken above $12,000 this morning as it continues its progression into a fully fledged bull market.
The world’s largest cryptocurrency now has a market cap of more than $221 billion, which is the highest point since June 2019 when it eventually rallied to as high as $14,000.
Over the past three weeks Bitcoin has surged by more than 30.9% as positive sentiment from both retail and institutional investors returns across the entire industry.
From a technical perspective, Bitcoin’s next hurdle is the $12,350 level of resistance as this was a point of rejection before an eventual break down in price in August of last year.
Breaking above that on significant volume would be the first indication that Bitcoin could well form a new all-time high in Q4 of this year.
There is a number of arguments as to why cryptocurrencies are rallying so ferociously at the moment, the first of which being the increase in popularity of decentralised finance DeFi projects like Compound and Yield Finance.
Retail investors naturally flock to speculative assets like these as they believe they will provide the highest returns in the shortest period of time.
When it comes to taking profits, investors must liquidate the tokens back into Ethereum or Bitcoin, which essentially acts as a market buy order thus increasing demand.
Another two theories on why the cryptocurrency market are experiencing a thrust to the upside boil down to the recent halving event, which will see supply decrease over time, and the flailing value of the US Dollar as a result of quantitative easing.
With fundamental aspects seemingly in place it now seems that Bitcoin is a prime position for an opportunistic surge to the upside on both lower and higher time frames.
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In August 2008, the domain name bitcoin.org was registered. On 31st October 2008, a paper was published called “Bitcoin: A Peer-to-Peer Electronic Cash System”. This was authored by Satoshi Nakamoto, the inventor of Bitcoin. To date, no one knows who this person, or people, are.
The paper outlined a method of using a P2P network for electronic transactions without “relying on trust”. On January 3 2009, the Bitcoin network came into existence. Nakamoto mined block number “0” (or the “genesis block”), which had a reward of 50 Bitcoins.
If you want to find out more information about Bitcoin or cryptocurrencies in general, then use the search box at the top of this page. Here’s an article to get you started.
As with any investment, it pays to do some homework before you part with your money. The prices of cryptocurrencies are volatile and go up and down quickly. This page is not recommending a particular currency or whether you should invest or not.
Disclaimer: The views and opinions expressed by the author should not be considered as financial advice.
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