Well, it finally happened. BTC’s price has finally reached over $60,000 again after weeks of continuous struggle. As of the time of this writing, the price currently sits around the $60,700 mark, fluctuating slightly ever so often. Also, the new all-time high mark had been $61,495, an amount reached within the past 24 hours alone.
Bitcoin is still the undisputed leader of the cryptocurrency industry for now with the biggest market capitalization, and this new breakthrough will be a source of both joy and relief as BTC hodlers waited patiently for the asset to continue its dominance following a short period of stagnation.
Bitcoin surges to over $61,000 on Binance before moving on
Bitcoin had spiked to its new aforementioned all-time high on popular crypto exchange Binance before moving on. This rally is also likely due to the recent increase in renewed interest from various financial institutions, which included the likes of banking giants Morgan Stanley and Goldman Sachs. Both of these companies made their support for Bitcoin known to the public and thus wished to make it readily available for their wealthy clientele.
In related news, Bitcoin’s selling pressure had begun to decrease after the indicator on the Long Term Holder Net Position Change went green for the very first time within the past five months. This signifies that Bitcoin miners have stopped selling and have instead begun stacking BTC as of late, an action which many investors also considered to be a sign that Bitcoin was about to experience a rally and that it is now the time to hodl.
Bitcoin continues dominance as cryptocurrency market reaches $2 trillion
Another seemingly bullish reason as to why the Bitcoin rally has happened is due to the fact that the total combined value of the entire cryptocurrency market has reached a whopping amount of $2 trillion once again. Bitcoin has, of course, played a vital role in making this possible, but the success of altcoins such as ETH and Binance Coin (BNB) should not be understated either.
To provide some context, this amount is higher than the S&P Composite 1500 Banks Index. Moreover, the overall amounts generated by the cryptocurrency industry have now surpassed JPMorgan Chase, and Wells Fargo put together, and this had also resulted in governments and regulatory bodies having to acknowledge cryptocurrencies as more than just a ‘fringe asset’.