Yet another peak, but when $50K?
Bitcoin [BTC] just hit reverse after establishing an all-time high above $49K on the 14th of December. In the past 12-hours alone, the world’s flagship cryptocurrency has added more than $2,000 to its name.
Bitcoin was up by 26.78% over the past 7-days as it aimed to breach yet another crucial level of $50K. Bitcoin has successfully climbed above the $48K resistance, but it struggled to continue higher towards the coveted level of $50K. The altcoin market, on the other hand, has been on a steady rise.
The latest growth was accompanied by reports suggesting that Counterpoint Global, which happens to be a $150 billion unit of Morgan Stanley Investment Management, is considering if Bitcoin would be a suitable option for its investors.
Here’s what Bitcoin bull and the Founder of Global Macro Investor Raoul Pal had to say about Bitcoin,
“Remember that as the market cap of BTC rises, it forces more institutions into it. The more institutions that adopt it, the more the others have to and the harder it is for regulators to stop it. A perfect reflexive loop with the little guy front running it all. Bravo, everyone!”
Further instilling faith in the digital asset industry was payment giant, MasterCard announcing support for cryptocurrencies on its network. According to reports, MasterCard would enable nearly one billion of its userbase to spend crypto at more 30 million merchants.
This was indeed a positive development for the industry that has seen a massive institutional push in the recent months.
As far as its Bitcoin’s market is concerned, it was found that 10% of concentration were of the large BTC holders. This was a positive sign for the much-anticipated rally.
To top that, the rising figures of both BTC active address as well as exchange supply of stablecoin have continued to signify the macro optimistic trend in terms of its price. Hence, it is safe to assume that there is sufficient room for buying activity if the crypto-asset continues to rally to $50,000 and above.