BITCOIN EDGES TOWARDS $50,000
The price of the largest cryptocurrency edges towards $50k for the time in months as the market rebounds from the long-term correction.
The rise in the price of Bitcoin has resulted from the adoption by BIG INSTITUTIONS around the world. Apart from big tech companies and asset management firms investing in Bitcoin, countries are also adopting Bitcoin. It is not from the truth to say that Bitcoin is now widely accepted around the world. The future is closer to us than we all imagine.
The total market capitalization of Bitcoin is now at $889B, according to data from Coinmarketcap. Bitcoin market cap is now at an all-time high, which means there is now more money in Bitcoin than it used to. The price of Bitcoin is trading at $47,400 as at publishing time, with a total market cap of $889B. Bitcoin's total market cap when its price hits all-time high at $64,900 was $700B, but it has now surpassed it by almost $200B when the price hits $47k. The future of Bitcoin is now in safe hands as the market cap grows and gains more public interest.
Furthermore, the adoption of Bitcoin by Institutions has made Bitcoin transactions easy. The transaction fee is now very low, or should I say insignificant, unlike pretty high bank charges.
Athletes, fund managers, marketers, and other big platforms are now accepting some part of their payment in Bitcoin. Although, some are against such an idea because of the high volatility.
Technically, the price of Bitcoin hits $47K over the weekend, making a new high of $47,800 during the weekend. Price is currently reacting from the mini resistance level at $47,800 but it is still on an overall uptrend. Once the mini resistance gets cleared, the next target is $50K, which is a major resistance level. The gap between the 200MA and 50MA widens on the 4Hour timeframe.
Bitcoin's total market Cap might hit $1T this year if the price continues to surge.