Tuesday, April 13, 2021

Bitcoin briefly touches $38,000 as crypto market value surpasses over $1 trillion for the first time.

The Takeaway:

Within hours of Bitcoin breaching the $37,000-mark, the world’s largest cryptocurrency went past the $38,000-mark, recording yet another all-time-high in the process.

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Bitcoin continues to strengthen its winning rally. Within hours of Bitcoin breaching the $37,000-mark, the world’s largest cryptocurrency went past the $38,000-mark, recording yet another all-time high in the process. At the time of writing, BTC had fallen again, with the crypto valued at $38,001 after corrections set in. However, bitcoin only fell after recording an another-all-time high of $38,187 on the charts. The market value of the entire crypto surpassed $1 trillion earlier today. 

 

Bitcoin is expected to continue its winning rally in the short term. 

Currently, optimism and bullish sentiment in the market are high. On-chain analyst Willy Woo forecasting that the market is likely to see a BTC double pump bull market if the price continues to climb at the same pace. According to Woo, the leading cryptocurrency double pumped in 2013 on the back of huge capital inflows, while the second-largest cryptocurrency, Ethereum, double pumped in 2017 after huge capital inflows came in as well. “BTC in 2021 is facing institutional inflows,” he explained, adding that this is what happens when large inflows are injected into a “smallish asset.”

 

Increased institutional interest pushes bitcoin to new heights. 

One of the main reasons for the current bitcoin rally is the growing institutional interest in the leading cryptocurrency. Bitcoin’s advance also reflects increasing expectations of it becoming a mainstream payment method, with PayPal opening its network to cryptocurrencies. High profile investors like Paul Tudor Jones, for example, have been buying bitcoin. Many bitcoin bulls say the cryptocurrency is akin to “digital gold,” a potential safe-haven asset and a hedge against inflation. Bitcoin has witnessed over 380% growth in the last 12 months. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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