Bitcoin price new ATH has coincided with an announcement from the US federal regulator, Office of the Comptroller of the Currency (OCC), that indicated that banks can use stablecoins and public blockchains to conduct payments and other activities.
Bitcoin price has surpassed the previous ATH, around $34,800, which was set at the beginning of the year before crashing below $28,000 in the past few days. The asset jumped to trade above $35,800 before retracing around $34,500 at the time of writing according to the metrics provided by CoinMarketCap.
Notably, Bitcoin has a reported market capitalization of over $670 billion with its past 24-hour trading volume at approximately $229 billion. Meanwhile, the asset is up approximately 11% in the past 24 hours and has gained approximately 26% in the past seven days according to the data provided by CoinGecko.
A significant portion of Bitcoin buyers is said to be institutional investors who have majorly attributed to the ongoing rally. The Bitcoin price rally continues to pull with it the larger altcoin market led by Ethereum, Litecoin and Bitcoin Cash.
The buyers are getting stronger by the day as Bitcoin price retraced only for less than two days before continuing with the upward trend. The volatility has scaled higher both on the lower time scale and larger time frame, thus indicating more blockchain activity.
Bitcoin Price Bigger Picture as It Reaches New ATH
Bitcoin price has caught the attention of most investors and also governments from all over the world. Apparently, Bitcoin’s market capitalization has surpassed that of Visa Inc (NYSE: V) that has a reported valuation of approximately $508.97 billion.
Bitcoin price is largely affected by the demand and supply in the market. Notably, there are 18,592,250 units of Bitcoins circulating in the market out of the possible 21m at the time of writing. With the supply diminishing asset during its inception and the demand rising by the day, Bitcoin price is poised to rally to six figures and higher in the long term.
Actually, a JPMorgan strategist published a note on Monday that claimed Bitcoin price could soar as high as $146K. Mind you, there are other notable analysts that suggest the Bitcoin price could rally above $200k in the current bull rally.
Bitcoin price new ATH has coincided with an announcement from the US federal regulator, Office of the Comptroller of the Currency (OCC), that indicated that banks can use stablecoins and public blockchains to conduct payments and other activities.
The green light from the US federal regulator has been viewed as bullish sentiment for the entire crypto market. Whereby, the stablecoin industry is a huge link between the digital asset industry and the fiat market.
The ongoing rally is expected to be more vibrant than 2017/2018 due to the presence of more bullish fundamentals. Whereby there is more global adoption by the retail market and the institutional market than there was back then.
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