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Bitcoin (BTC) finally exceeded $ 8,000. In a move that can only be described as shocking, the cryptocurrency market returned on Monday, pushing a group of fundamentalists much higher and what Youtuber's crypto, Ivan On Tech, described as "Global FOMO".
Bitcoin shows another 10% + day
Bitcoin is now at its highest level since mid-2018, recording a 14% gain as of the writing of this article. We do not know when the pressure of purchases will stop, but it's quite beautiful to see.
As the main cryptocurrency exploded, surpassing key resistance levels as if it were nothing but soggy pieces of parchment, other cryptographic assets proved to be relatively mediocre. Ethereum, for example, has increased 8.66% in the past 24 hours; The XRP is up 5.76%, close to the $ 0.33 level. Binance Coin is the only notable cryptocurrency to beat the market leader, recording a 17% gain as deposits and withdrawals begin to come online. Tron's BitTorrent; and Bitcoin Cash.
Due to this relative bitcoin strength, BTC's dominance has exceeded 60%, reaching levels never seen since the stock price rally, which reached USD 20,000 in December 2017.
Related Reading: Hack? What is Hack? Binance Coin (BNB), leader of cryptography in today's rally
With this move, the BTC has surpassed a number of key strengths, namely $ 7,400 and $ 8,000, and cements bullish tales in the minds of traders at all levels.
What makes this movement even more promising is that, according to Google Trends, the search terms for "Bitcoin" and "Buy Bitcoin" have not yet increased, indicating that the rally is largely caused by those already involved in the space. Joes and common jills.
What are the catalysts?
This begs the question: what exactly were the catalysts of this movement?
As researcher Alex Kruger postulates, insiders and whales attempt to cope with many news events, with the aim of accumulating BTC before their counterparts in the retail sector. Among the news that investors could be in the limelight is the imminent launch of Bakkt's physical Bitcoin futures, Fidelity's crypto-runtime inaugural trading session, traditional channel adoption from respective blocks of Facebook and Samsung, and rumors that eBay will join the cryptocurrency will collapse by the end of the week.
This is apparently confirmed by the fact that the Grayscale Bitcoin Trust (GBTC) recorded a trading volume of $ 150 million Monday, which is a sign that institutional investors and qualified investors are quickly giving up their hat.
Featured image of Shutterstock. Graphics with the kind permission of TradingView.com
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