Bitcoin goes higher
Bitcoin set another all-time high around $37,500 before beginning a cautious correction. At the time of writing, BTC is up 2% overnight and is trading around $37K. Due to some decline, we now see the value below the $1 trillion threshold, but there is little doubt that the market will soon confidently surpass this crucial mark again.
Currently, the dynamics of the first cryptocurrency, as well as the entire market, does not appear to be in the final stage of a bubble, to be followed by an immense crash. In recent weeks, we have seen a cautious but regular rise to new highs. Corrections are occurring, but Bitcoin quickly goes through consolidation phases and continues to rise. The benchmark cryptocurrency is now denying the very notion of being overbought.
It is big capital that seems to be making the price dynamic more moderate and consistent. Generous economic stimulus and printing of new dollars should be the basis for broad asset diversification among institutional investors.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
