AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
The world’s largest blockchain-operated token has continued its rollercoaster ride after episodes of high volatility in 2021. Bitcoin was trading in the range of US$ 40,000 to US$ 50,000 in the month of February.
On April 14, Bitcoin topped US$64,000 for the first time, guided by Coinbase’s listing. Then has sharply tumbled by almost 14 per cent to US$ 55,562 per token in just one week (noted at 5:30 AM ET, April 21). Now, it has breached a sentimental resistance barrier of US$ 60,000 apiece and oscillating in a loop between US$ 50,000 to US$ 60,000.
After closely analyzing Bitcoin’s last four-month trajectory, we noted an undulating pattern of growth, spiking every time on the back of strong mainstream demand. Hence, crypto analysts mostly see a sharp dip in Bitcoin price as a buying opportunity.
However, a segment of investor still remains uncertain, fearing a bubble burst of 2017.
Institutional investors have been shielding Bitcoin against any future crash with substantial investments and acceptance. Analysts anticipate slumps as steep as 25 per cent at times as crypto investors book their profits periodically.
On April 21, JPMorgan warned if bitcoin does not rebound to US$ 60,000 per token, it could be a bad gesture. Contradictorily, the investment bank stated in January that bitcoin could touch a US$146,000-milestone in the long term.
Institutionalization Of Bitcoin
Bitcoin has a market cap of more than US$ 1 trillion, outperforming the market cap of Facebook Inc. (FB:US or NASDAQ:FB). The world’s top electric vehicle firm Tesla Inc (TSLA:US or NASDAQ:TSLA) has become one of the leading investors in bitcoin this year. Elon Musk’s company holds Bitcoins worth US$ 1.5 billion and accepts payments in bitcoin.
One of the US leading banks, Morgan Stanley, has commenced offering its top wealth management clients special bitcoin fund facilities. In the same line, Goldman Sachs Group Inc has resumed its cryptocurrency trading operations and offering investments in digital assets such as bitcoin, Ethereum, etc.
The launch of bitcoin ETFs on the Toronto Stock Exchange and the listing of a crypto exchange have added more regulatory adoption essence to the overall crypto market.
Image Source: ©Kalkine Group 2021
A Glance At Other Virtual Coins
The second-largest crypto in terms of market cap, Ether, traded in green at US$ 2,262 per unit for the last 24 hours (Recorded at 7 AM ET).
Meme-based crypto-token Dogecoin has been buzzing in the markets after entering the top five coins, with a current market cap of US 40.35 billion.
The above constitutes a preliminary view and any interest in the token should be evaluated further from an investment point of view.
