By
Benjamin Njiri
April 23rd, 2024
Bulls can feel pretty happy with the Bitcoin price returning of positions lost 6 months ago. At all major exchanges, BTC’s rate has confidently overcome an outstanding psychological level of $6,000 and is trying to gain a foothold above it.
Even though the Bitcoin commission fee has risen by nearly 200% over the last month, BTC price managed to rise above $6,000. At all major exchanges, BTC’s rate has confidently overcome an outstanding psychological level of $6,000 and is trying to gain a foothold above it.
On the Luxembourg-based Bitstamp exchange, Bitcoin price hit $6,388. Remember, the year started at under $4,000. BTC price has also extended its lead over the wider cryptocurrency market, adding to its so-called market dominance meaning how much bitcoin contributes to the total value of all cryptocurrencies. Now, this is poking 60%, its highest in six months.
Bitcoin has added almost 7% over the last three-day trading period despite some $40 million of tokens (some 7,000 of BTCs) being stolen from the Malta-based Binance exchange, the world’s largest Bitcoin and cryptocurrency exchange by volume.
Some analysts claim that Bitcoin price is more likely to continue a bull run above $6,000 because of strong fundamentals. Fidelity, a Boston-based investment firm, is constantly adding bitcoin trading to its list of services “within a few weeks.” Together with Fidelity’s already-live Bitcoin custodian services, this move could allow institutional investors, such as pensions, and hedge funds, to purchase the cryptocurrency while ensuring bank-grade security.
Other cryptos in terms of market cap like Ethereum (ETH), EOS (EOS), and Cardano (ADA) were reporting 24-hour gains above two percent as well, while bitcoin is leading the top 10 cryptocurrencies, currently boasting an increase of 3.64 percent.
Overall the total cap of the cryptocurrency market increased roughly by $5.4 billion during today’s rally to where it now stands now at a value of $189.1 billion. Indeed, the value of the broader market is making substantial progress in recouping the losses endured throughout 2018, but is still down 78.1 percent from its all-time high of $835 billion recorded on January 7, 2018.
Mike Novogratz Still Believes in BTC Reclaiming Its $20,000
Michael Novogratz, former Wall-Street hedge fund manager and CEO of Galaxy Digital, and definitely no stranger to Bitcoin price prediction said that he believes that BTC ‘should’ reclaim its previous $20,000 all-time in next 18 months.
Novogratz said that Bitcoin has won the war of cryptocurrencies and also pointed out how people compare Bitcoin with Gold. He concluded that Bitcoin is a store of value wherein other coins still on their way to find use-cases.
While seeing Bitcoin trading at over $6000 against the dollar, he said:
“I feel better about Bitcoin today than I have at any time in my career. I think its old people that don’t like Bitcoin. I think its old people that don’t like Bitcoin. Its gonna be significantly higher in six months or a year. It will get back to $10k first and then roll back to $20k and it would not surprise me 18 months from now to way back to $2000.”
He then added:
“I think $6,000 probably is a stall point.We take out $6,000, the next one is $10,000. Would I be happy if we end the year at $10,000? Certainly I would.”
It seems that more and more people, including analysts as the Morgan Creek Capital Founder Mark Yusko who claims that Bitcoin’s gradually developing infrastructure could send its value to $400,000.
He explained that Bitcoin was gaining adoption in similar ways the yellow metal did over the gone centuries:
“Bitcoin is much easier to transport. It is much easier to divide. It is tough to break a bar Gold into its component pieces. Bitcoin has all these essential qualities that I think are superior to Gold.”
He also added:
“The price, isn’t the value. The value is determined by the number of users on the network, the amount of capital that comes in after conversions from fiat. All of those fundamental metrics have gone up this year. So I’m pretty bullish on bitcoin and another crypto today.”