Bitcoin Price Surpasses $3,700 as Crypto Market Eyes Next Wave of Catalysts
In the last 24 hours, over $5 Billion has been added to the global crypto market as the price of bitcoin has surpassed $3,700. This brings the total market value from $120 billion to $125 billion.
As a result, it is believed that other Cryptocurrencies could see a resurgence in their value in the next few days.
This increase in Bitcoin value is quite interesting. Under normal circumstances, the value of cryptocurrencies takes a dip during the weekend. This is because trading volume is reduced compared to during the week and businesses are closed.
Nevertheless, Bitcoin did see a price increase with its volume staying above $5 Billion.
This is good news as Mondays usually see an increase in Bitcoin value due to trading activities picking up for the week. Should Bitcoin maintain this momentum for the rest of the weekend, the next week could spell progress.
“Very compressed price action following the high set on Monday. My plan is straightforward: Price below & finding resistance at $3,560s I’ll look for sells targeting $3,430s. Breakout & price accepted above $3,700s I’ll be a buyer until $3,840s,” said an analyst.
There is hope that this might trigger bitcoin to stay above $3,500 for the next few weeks and contribute to its rebound.
Ever since its crash in late 2018, bitcoin has not been able to break above $4,200 and this gives some investors deja vu. Back in 2017, Bitcoin saw a crash from a high of around $10,000 to around $6,200. While there were some predictions that it would resurge to that high in the next year, it never did and there are fears that this will repeat itself.
In the wake of the crash, several businesses have closed down, particularly those associated with coin mining, which has now become less profitable.
Across the board, other currencies have equally seen value increases.
Ironically, despite the current market situation, some businesses have recorded an increase in investment interest, particularly in Europe.
“Binance.je is overwhelmed with registrations. There is a backlog of KYC verifications already. More resources are allocated to reduce it. In the meantime, we appreciate your understanding and patience. The registration prize is FIFO based, no worries. Just crazy! One thing we do “well” is underestimating ourselves, and the market,” said Changpeng Zhao, the CEO of Binance, which just launched Binance Jersey.