Bitcoin Continues its Rally. How Long It Will Carry Up?
On Jan 04, 2021
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Bitcoin had no days off during the holidays. BTC moved from one record price to another. Everyone is curious now, how long will it continue?
If you have not heard about the recent activity in the cryptocurrency market, it means you missed a lot. Many cryptocurrencies, chiefly Bitcoin, added value to their price during recent days. Cryptocurrencies and investors profited from the 24-hour trading advantage of the crypto market. The cryptocurrency market is expanding by size and amount. No one wants to miss out on the great chance of profiting from the well-performance of cryptos.
As a leader, the performance of Bitcoin overshadows the other cryptocurrencies. The price history shows that BTC is even more bullish than other cryptocurrencies. If we look at the price graph of Bitcoin, we can see some impressive upward movement. On 3rd January, it hit the record price of $34,800. In 2 days, Bitcoin broke the $30k, $31k, $32k, $33k, and $34k, and three of them were in one day.
Bitcoin Market Cap
The market capitalization was increasing as a result of the price increase. According to TradingView, the market capitalization reached $646 billion on 3rd January. It was another record for Bitcoin. Bitcoin surpassed $600 billion levels for the first time. Currently, BTC has $602 billion worth of market cap. Also, market dominance rose to 74% on 3rd January, which was the highest in 2 years. On 4th January, due to the overall increase in the crypto market, the dominance level has dropped to 69%.
Sentiment of Investors
Investors are optimistic about the future of the stock market, also the cryptocurrency market. According to the survey, 43.57% of investors claim that the market will be bullish. The American Association of Individual Investors asked the opinions of investors. They wanted to get investors’ sentiments about the market in the next six months. On 12th November, they find out that 55% percent of investors were bullish about the market. Considering the sentiment of investors, we can conclude that the wild run of cryptocurrencies probably will continue in the next six months.
The Outflow of Bitcoin in Exchanges
A large amount of buy-out happens at the exchanges. According to the CryptoQuant, on 2nd January, the outflow of Bitcoin from Coinbase was massive. The BTC outflow amounted to 55k. Probably some companies decided to buy Bitcoin at the $32k level.
It seems that the market will not cool down for a long time. As graphs suggest, the price will continue to rise. Investors expect much higher prices from Bitcoin, and it became a popular investment tool among investors.
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Disclaimer: All information provided in the content is for informational purposes only and should not perceive as an investment, financial, or trading advice. Any investment decision you make should be a personal choice based on financial knowledge, experience, and market research.