Since last week Bitcoin and most alt coins has been in the upward motion, some weeks back has been a nightmare and set backs in the cryptocurrency market.
We saw bitcoin dip to $30k levels, around $37k-$38k for the past weeks now but that has changed maybe momentarily or permanently for the past 10 days and counting as Bitcoin has gained over 4k since last week till date.
Currently Bitcoin is trading well above $42500k and ofcourse most alt coins are not left behind as ethereum is above $3k per unit as well.
Hive coin is trading close to $1, the APE coin is trading around $11. The APE coin was launched a few days ago and already set it's all time high at $16 before retracing to $7 on Sunday and today it's regained some momentum is seen closing in on $11.
The surge in Bitcoin price came as a result of the TERRA founder hinting to purchase $3billion worth of Bitcoins and on 21st made a purchase $125m worth of Bitcoin.
In the coming weeks we would see more inflow of fait money into Bitcoin and other alt coins.
Alot of analyst predicts that this is upward move for Bitcoin towards setting another new record of all time high, while some others are baised about this move. Predicting that Bitcoin would dip to $28k before setting another record high.
All which both has some proofs backing there theories but as much as it goes i wouldn't want Bitcoin to dip to $28k level. It might not really happen ( under probability) because most countries are moving to adopt Bitcoin as a legal tender, countries like El Salvador, Ukraine and other countries pushing the notion to adopt Bitcoin as a legal tender.
- El Salvador was the first country to adopt Bitcoin as a legal tender and mounted hundreds of Bitcoin machines all over the country, the country itself mines Bitcoin with volcanic energy. Alot of countries criticized them for there move but i don't think they would be laughing at them any time soon should Bitcoin hit $100k ? That is going to be a big blow to the Bitcoin / crypto critics at large.
With hope alive and fingers crossed i do sincerely believe that the best is yet to come for Bitcoin and the entire cryptocurrency market.
Thank you have a good day ahead.