BTC price is once again rallying higher and retesting resistance near its current all-time high above $58K. Since breaking above $50K this past weekend, the BTCUSD exchange rate has gone on to hit a two-week high around $57,000.
BTCUSD Chart By TradingView
There are currently no signs that any sell-off is brewing in the near term as the BTC price extends its gains for the sixth straight day.
According to Microstrategy CEO Michael Saylor, existing institutional players are likely to double or even triple their BTC allocation in the coming months. He also sees a new round of hedge fund playerscoming into the space as the king coin continues its uptrend.
Interestingly, the CEO also predicts that sovereign wealth funds are next in line to procure large quantities of bitcoin. He argues that these investors acknowledge crypto as the best performing asset class of the last year; they only needed to see other big-money players delve into digital assets for them to join in.
“I think it‘s inevitable that you’ll see the sovereign wealth funds. They have to move, I mean, they have infinite money, and see the asset class coming and you see its the best performing asset class,” Saylor observed.
Blockchain Data Dismisses Risk of Steep BTC Sell-off
Over the past few weeks, BTC has been behaving like a risky asset, with the coin selling off along with stocks as US bond yields surged.
However, data extracted from the Bitcoin blockchain by CryptoQuant may give investors comfort that prices arent likely to revisit the end-of-2020 level.
According to the blockchain-tracking firms analysis, the risk of an intense correction might be limited by buyers who appear to accumulate coins whenever bitcoin dip to $48K.
Moreover, the bulls are expected to gain momentum as more investors realize that BTC, and not precious metals, is where to park their money.
Indeed, gold‘s performance has been pitiful compared to the world’s leading cryptocurrency over the past 12 months. The outsized returns from bitcoin in that period have led some UK investors to change their attitude towards crypto, per a recent poll from Parliament Street.
ETH Miners Are Planning a Coordinated Network Attack
Miners on the ETH network have laid out a plan to revolt over the implementation of Ethereum Improvement Proposal (EIP) 1559, an upgrade that brings wholesale changes to miners fees.
As per a March 7 tweet, the miners intend to divert their hashing power to the Ethermine mining pool. The coordinated action scheduled for April 1 is expected to last 51 hours, enabling miners to harness more than 51% of the networks hash rate under the guise of “educational purposes.”
Crypto investors will now have to wait and see how this show of force from miners will affect the Ether token price, which is currently trading for $1,800.