At 10:05 am today, AICoin market data showed that the spot price of the mainstream exchanges of BTC all exceeded $6,500. After the breakthrough, the price dropped slightly and rose by 4.55% in 24 hours. At 11:48 in the morning, the currency security market showed that the short-term bitcoin broke through 6600 USDT, which was nearly 400 USDT higher than the low of 6232 in the early morning. At this point, Bitcoin has risen for 10 consecutive days.
In addition, according to CoinMarketCap data, Bitcoin Dominance Rate, which tracks Bitcoin's share of digital currency market capitalization, has broken 58%, the highest since December 2017. Wall Street veteran Max Keizer believes that Bitcoin will reach $10,000 next. The number of chain tower platforms pointed out that BTC continued to attack, and there was a tendency to pull out the bull market through BTC, but BTC alone could not fully influence and represent the market as a whole.
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The dominant rate is the highest since the end of 2017
According to the market, the net inflow of BTC funds reached US$75.39 million in the past 2 hours, and the short-term bitcoin broke through 6600 USDT. Bitcoin dominance (market share) exceeded 58%, the highest since Bitcoin reached its highest price since the end of 2017. For a time, the price trend of Bitcoin has gathered the attention of the market. Can the BTC that continues to rise can drive the market out of the bull market?
First of all, from the news point of view, the continuous presence of institutional investors will become the mainstream trend in the future, which obviously benefits the market. According to dailyhodl, Morgan Creek Digital co-founder Anthony Pompliano said that financial giant Fidelity will provide customers with a series of leading crypto assets such as BTC and XRP, which will focus on higher cryptocurrency. It is reported that Fidelity is currently offering BTC transactions to a few specific customers and plans to officially launch them within a few weeks.
In addition, in terms of bitcoin recognition, the latest survey by the ZB Institute shows that although the cryptocurrency risk and volatility are large, the value of Bitcoin's investment reserve is much higher than gold. By comparing Bitcoin with gold, Bitcoin has begun to "swallow" the benefits of gold. Gold rose from $35 per ounce in 1971 to around $1,300 per ounce (as of the writing), an increase of about 3,500%. But Bitcoin's gains are even more impressive. On July 19, 2010, Bitcoin was only worth $0.08, up to $6,687.79 (according to ZB real-time quotes), and that the nine-year increase was over 7875,000%.
The market outlook moves toward opportunities and risks
BTC continues to rise, how is the market going? Does this represent the arrival of a bull market?
According to a report by coindesk, in a research report sent to clients on Thursday, analysts at investment bank Canaccord Genuity predicted that Bitcoin will return to the high end of 2017, or $20,000, in the next 24 months. Analysts said that four months have passed since 2019, and they have noticed a price move that is strikingly similar to Bitcoin between 2011-2015 and 2015-2019. Bitcoin has begun to form the bottom of the spring of 2019 that it mentioned last year. Looking ahead, if Bitcoin continues to follow the same trend, it will slowly rise back to an all-time high of $20,000, which will theoretically reach that level in March 2021.
Tim Draper, a well-known venture capital investor in Silicon Valley, said in an interview that Bitcoin (BTC) will continue to grow and will account for 5% of the global market share in 2023. Draper said that this is a better currency, decentralized, open and transparent. Everyone knows what happens to the blockchain. Draper previously claimed that by 2023, a bitcoin would be worth $250,000.
The chain tower data platform pointed out: "BTC continued to attack, this month has risen 18.87%, indicating that compared with other mainstream currencies, the market is more recognized BTC, the current market confidence is sufficient and aggressive, there is a BTC to pull the market out of the bull market Trends. But BTC alone can not completely affect and represent the market as a whole, and the market distance has completely become a bull market. There is still a certain distance to the bull market. Although the current BBC maintains bullish expectations, the current trend is slightly quick and profitable, and carefully guard against the risk of major bad news. ""
Analyst Potter further pointed out that after entering April, BTC ushered in a strong rebound trend, and the price of the currency also rose sharply from 4,200 US dollars to 5400. Then BTC did not turn down but chose to pull up every day, while we It is found that the dominance of the corresponding other currencies has entered a downward trend, and in the recent situation of continuous rising BTC, the other currency dominance has accelerated and has directly fallen below the long-term support line of more than two years since May 17th. This shows that under the influence of the BTC's individual performance and the continued small profit-making effect, the market funds have begun to work together to make more currency prices. The mainstream echelon is not going up, and the small-coin market is being greatly sucked up. Many small coins are basically falling. Until the BTC is below the level of 4000, it has not yet started. Only after the BTC has ended this round of rebound and ushered in a deep adjustment, the advantage ratio of the remaining currencies will usher in a turnaround. (Golden Finance)