Friday, November 26

4 reasons bitcoin surged above $ 66,000


Bitcoin (BTC) soared this week to over $ 66,000, after holding strong for the past 24 days above $ 60,000. According to experts, this is due to various reasons that have conditioned the fluctuation of the largest cryptocurrencies by market capitalization.

Cryptocurrency market analyst at BitBank bank in Japan, Yuya Hasegawa, holds that the rise of bitcoin is due to two reasons. On the one hand, it considers that it was caused by fall of the real bonds of -1.09% in the last ten years and, on the other hand, responds to the generalized world inflation.

As long as the headlines in the media about rising inflation in Latin America, the United States and Europe continue, the fluctuation of bitcoin could be favored, according to the analyst.

Bitcoin has been holding above $ 60,000 for the past 24 days. Source: finance.yahoo.com

According to Daniel Kukan, a member of Crypto Finance AG, there is one more factor that has pushed the cryptocurrency up. The expert attributes growth at high financing rates, which have averaged 0.0250% last week, according to data from Coinglass.com.

In turn, the upward movement could be due to whale impact –The largest cryptocurrency investors–. According to data tracked by the Chainalysis firm, these heavyweight investors have accumulated almost 200,000 bitcoins in the last week of October. If they sell them in mass, they could cause a loss.

The price of bitcoin has managed to consolidate

Kukan believes that bitcoin has achieved a “healthy consolidation” in price. Explain that the fact that it has hovered above $ 60,000 for the past three weeks demonstrates a typical bull market pause.

According to the PricedInBitcoin21 portal, bitcoin has surpassed the market capitalization of silver, valued at $ 1.362 billion. This calculation is based on the value of the maximum supply of bitcoins issued, which is a controversial metric as it takes into account the millions of lost bitcoins. On other portals, such as CoinGecko, the cryptocurrency’s market capitalization is still below $ 1.3 billion.

Bitcoin is estimated to be around $ 1.3 trillion in market capitalization. Source: pricedbitcoin21.com

According to analysts Hasegawa and Kukan, In the long term, demand continues to grow. Although, as CriptoNoticias reported, speculators claim that there could be a small breakout of bitcoin’s bullish activity in the coming days. In fact, there are those who believe that the price of the cryptocurrency is overvalued, like Willy Woo.



www.criptonoticias.com

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