Bitcoin hit a new all time high of $60,322.60 earlier today.
It is now more than obvious that 2021 is going to be a wonderful year for the cryptocurrency industry, with Bitcoin still breaking one record after another more than twelve years after its inception and taking the total cryptocurrency market capitalization above the $1.8 trillion mark for the first time.
The now-standard narrative of healthy on-chain metrics combined with positive support from institutions served to bolster confidence. Now that Bitcoin price has reached the $60,000 level, many analysts have set their targets on the $72,000 zone, followed by $100,000.
Source: cointelegraph.com
With payment giants like MasterCard and Visa, and huge corporations like MicroStrategy getting heavily involved in the game, I think it's safe to assume that BTC will soon be much scarcer than we expected. I guess we all know what that means for BTC's price.
I do realize it sounds crazy, but I think that even those who call it a bubble or whatever will be buying back BTC at $80k at some point in the not so distant future. I'm starting to believe that all the powerful players throwing money in BTC do not even think in terms of USD value, but that's just my opinion.
Bitcoin is currently swinging around the $59.8k mark, an increase of approximately 4.5% over the last 24 hours, with a market cap of $1,116 trillion and trading volumes of roughly $58.5 billion. Institutional investment continues to add to the hype around Bitcoin, with more and more companies announcing treasury strategies.
Unlike the 2017 bull run, this current run is driven less by hype and more by Bitcoin being accepted in the traditional financial world as a scarce asset class.
Source: cointelegraph.com
Another reason we are witnessing the ongoing price surge is the worldwide NFT frenzy, which demonstrates the amazing potential of the cryptocurrency industry and attracts more attention with stories that have been making headlines for quite some time now.
DeFi is adding a lot to the hype around crypto as well, providing opportunities never seen before and attracting investment due to the insane APRs offered. And those of us involved in LEO do know quite a bit about insane APRs having used and invested in their newly launched gem, CubFinance. The crypto game is a world full of opportunities, and all the development being made is providing even more.
As a result, more people are getting interested in the crypto game, which means more people are watching their money grow and enjoy nice profits as the days go by. This causes a domino effect of further adoption as the ones making money on autopilot are often vocal about it and try to raise awareness in an effort to help their family, friends and loved ones.
And that's what comes next, a beautiful candle that took things from $57,600 to $59,400 almost in an instant, followed by another one that sent BTC above the $60k mark. BTC/USDT market depth on Binance is still looking good, with a good sell wall of roughly 230 BTC tokens around the $61k mark. We may demolish that too, anything is possible.
Another significant factor and bullish sign is the fact that we are witnessing a number of advanced countries passing crypto regulation bills that make it easier and more acceptable to hold and trade crypto assets, as governments are starting to realize that it doesn't even make sense to try to ban crypto and this provides more certainty.
Just last month in the U.S., The Office of the Comptroller of the Currency provided much-needed regulatory certainty regarding crypto activities.
Source: cointelegraph.com
It appears that the world is finally realizing that the cryptocurrency industry is here to stay and revolutionize the way we perform transactions on a global scale, and that's just for starters.
The technology behind this thriving industry has the potential to bring drastic change and reshape the world, by providing tools that will allow us to generate more wealth and solve problems that stall our development as a species. Our ability to store and transmit information is the reason why we have conquered the planet, and this is why we have been witnessing exponential growth ever since the internet was invented.
With crypto being the internet of money, it's safe to say that we are now heading towards a new era, and all of us involved in the crypto game are in fact early adopters. It may not be obvious at the moment, but you will have realized this ten years down the road.
Thank you for your attention
Alright guys, that's it for now. Thank you for taking the time to read these lines.
Just my two cents. This is by no means financial advice. Just sharing my personal views and experiences. Please do not take my word for your investment choices, and always do your own research.
Stay safe and have a good one,
@lordneroo
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