The most recent bitcoin rallying above $8,800 is creating an enthralling battle between crypto bulls and bears. After going over $8000 mark for the first time since summer, the bitcoin prices sudden drop to as low as $7,500 only to rebound and this proves once again that it’s not going to reach peak ascendancy in a single swoop. Here are the key takeaways from bitcoin’s latest powerful resurgence.
1. Bitcoin Is Profiting from Good Press
With a fantastic price performance, bitcoin is recently enjoying a lot of positive news and press. One of such good news includes AT&T recent announcement that they will be adding bitcoin as a payment method, and this move is contributing to the general optimistic reaction for bitcoin.
Additionally, Tim Draper, bitcoin ambassador restated his belief that by 2022, bitcoin would reach a whopping $250,000, stating that the increase in acceptance would help bitcoin gain more market share.
2. There is Resurgence in Crypto Trading
The renewed interest in digital currencies has led to a flood of activity on crypto exchanges, thus reporting high trading volumes. The crypto exchange also revealed its margin trading feature as this will offer more advanced trading mechanisms to investors while also providing liquidity to the cryptocurrency markets. All these contribute to the positive sentiments that can influence the bitcoin price.
3. Bitcoin Is Absolutely on Top
Bitcoin lost a considerable part of its market share during the 2017 crypto burst. As altcoins grew in popularity and scope, bitcoin drops its dominance from over 85 percent to roughly 35 percent. Now, bitcoin is on the rise again, and its dominance is approximately 55 percent.
Bitcoin is proving once again that it is the de facto standard for crypto adoption and is outpacing its less popular rivals in growth.