Shubham Dhage | Unsplash
It appears that Bitcoin continues to be high despite the significant fall it had last week. Today we find BTC at a price of $63,650, which is in line with previous price swings. Although there is a slight drop considering the high transaction volume, there is also the possibility of recovery, as we are talking about a highly volatile leading cryptocurrency.
The rise of Bitcoin has benefited altcoins, which show that the market capitalization of cryptocurrencies has increased by 1.3% compared to the previous day, and currently its value stands at almost $2.5 trillion.
What is interesting about this is that there has been a very significant growth in transaction volume in the last day, especially on Binance, the world's most popular exchange, where $13 billion in BTC was traded, of which 22% were on Binance.
I believe it is clear that there has been a major revolution in technology and in investment methods. With the approval of physically-backed Bitcoin ETFs, a substantial amount of money has been injected, but in this case, we are talking about what an exchange like Binance is capable of achieving. One thing to note is that there is a pair between BTC and FDUSD (First Digital USD) that has represented a volume of $3 billion in the last day, which indicates a strong option to consider.
Traxer | Unsplash
If there is something to celebrate, it is that Bitcoin has already reached one billion transactions processed, which is no small feat. This could not have been achieved without taking into account the new technologies included in the network such as Ordinals and Runes.
In fact, yesterday Bitcoin managed to record 304,306 transactions of Runes, while 4,000 were of Ordinals and BRC-20. 193,439 transactions corresponded to traditional BTC. In this context, Runes represented 60% of the transactions.
Post of Vivek on X
Runes represents an attempt to introduce NFTs to the network, or at least carry out a similar process through BRC-20 tokens. Undoubtedly, this is a significant move that could attract the attention of a large part of the sector interested in these assets.
One of the news stories that emerged was the activation of an account from 2011 that moved 44 million in BTC. This wallet held 687 BTC, which were acquired at a time when the cryptocurrency was valued at $2. It is interesting that there may be a large number of wallets still holding their funds and being reactivated from time to time, prompting the question of what their strategy might be, or why now.
Can we say that Bitcoin will return to $70,000? We cannot confirm that yet, but we can assure that we have a set price range that could be an opportunity for many and a disadvantage for others. With a good analysis, I believe that anyone willing could take advantage of it.
- Main image edited in Canva.
- Charts obtained from CoinGecko.
- I have consulted information in decrypt.co.
- I have used Hive Translator to translate from Spanish to English.
Posted Using InLeo Alpha
The increase in the value of BTC is happening again, the days when the BTC fell after Halving hurt me a little, because I had HIVE in my wallet and I needed to sell it to buy the new computer.
I had to sell at a low value of only 0.30$, that represented a loss, it was not much but every $ counts.
I have heard and seen many trades saying that BTC is already recovering and that it will not go backwards again, at least not for a long time, but nothing can be predicted.
I have also seen some information about a wallet that stores a good amount of BTC since 10 years ago, and that a few days ago has been making movements of its funds, that sounds interesting for Bitcoin as well.
!PIZZA
When I bought the notebook I used the Hive at a low price, so I needed to sell many more. I had no other choice because with inflation, the price of the notebook was going to skyrocket. But it was a good decision.
$PIZZA slices delivered:
@zonadigital21(4/5) tipped @vikvitnik
Can we say that Bitcoin will return to $70,000?, I would say yes.
Nevertheless, this is no investment advise. We've seen the Bitcoin resilience and soon it will peak above $70K as investors continue to build confidence. Thanks for a wonderful article.
Undoubtedly, confidence is a fundamental factor for the price of Bitcoin to find new highs beyond the new forms of investment.
Brc-20 is very interesting I have been exploring the stacks network which is pretty promising in this layer 2 environment!