By
Svetlana Soroka
May 11th, 2024
Bitcoin has started the week strong. Bitcoin has set a new high, reaching as high as $50K on some exchanges early Tuesday.
BTC, the world’s largest cryptocurrency, has in the last few hours made an incredible leap reaching a new all-time high. Data from CoinMarketCap, which sets an average price based on top exchanges across the world, saw Bitcoin reach a high of 49,708. However, on some exchanges including Binance and Coinbase, Bitcoin briefly touched $50K.
Significantly, Bitcoin has shown real strength and resilience by retaining most of these gains. By doing so, it has prevented a massive sell-off and kept bulls interested and optimistic of another breakout above $50K. At the time of press, Bitcoin is trading at $49,200.
Bitcoin seems to be reacting to fundamental changes around it. Particularly with adoption which has in recent weeks been a major difference for Bitcoin. Since Tesla bought $1.5B worth BTC, there has been an increased interest in digital assets from both institutions and retail holders. The most recent institution to consider Bitcoin is a $150B Morgan Stanley arm looking to buy Bitcoin. Other notable interests include US bank BNY Mellon offering Bitcoin and other cryptos, Mastercard announcing it will open a network to crypto, and Visa announcing a new software to help banks offer Bitcoin and crypto to clients.
Elon Musk has also been a key figure, supporting Bitcoin in public even before the purchase by Tesla. His past comments have in instances sent Bitcoin surging by up to 20%.
Bitcoin Investor Sentiments as BTC Sets New High
Such interest and especially all coming in a short period of time means that Bitcoin is yet to find its long-term price. Furthermore, there is an expectation that the interest from institutions is not about to slow. The same excitement will continue to see price volatility increase but with most major moves set upwards. Drops will always be inevitable as Bitcoin does not move in a straight line, but in these drops lies the opportunity for investors to reaccumulate.
Retailers’ optimism has been evident through their social activity. A review of social sentiment on Bitcoin reveals that out of 15,627 social posts, 12,498 were bullish. This suggests that bulls are still in control and aiming to reach even higher levels.
Dare we say #bitcoin bullish sentiment could rise a lot higher from here? Yes, we dare.
There were 12,498 bullish posts out of 15,627 $btc social posts in the last hour. We're nowhere near the record activity on Feb 7. Keep the good #btc vibes coming!https://t.co/XsjF7wzFTT pic.twitter.com/zqYP6gDGKq
— LunarCrush (@LunarCrush) February 16, 2021
Now Bitcoin has gained around 60% since the turn of the year, making it the best performing asset. It is predicted that if the same trend persists, interest will keep rising and Bitcoin could easily double from $50K to $100K.
As Bitcoin sets new high altcoins have also followed and have successfully seen the total market cap hit a new $1.5T high. Ethereum is, in particular, showing great strength around $1,800 and looks poised for a breakout. Another notable coin is Cardano which has extended its recent impressive form with an 8% surge at the time of writing this.