Bitcoin’s price has momentarily surpassed $44,000, extending its impressive streak of roughly $7,000 gains over the last week.
Bitcoin has steadily increased after weeks of difficulty, approaching the $45,000 mark – a 1% increase in the last 24 hours and a nearly 20% increase in the last 30 days, Coingecko charts show.
According to CoinMarketCap data, the world’s largest digital cryptocurrency was recently priced above $45,000 on February 10.
Bitcoin’s recent gains are being reflected in a new trend. According to Bloomberg Markets’ crypto monitoring, a so-called triangle shape on Bitcoin’s price chart is compressing tighter and the cryptocurrency is poking at the triangle’s upper end.
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In a steady upward trend, Bitcoin
Bitcoin’s price has been steadily rising over the last week, spearheading a crypto market resurgence that has seen Cardano (ADA), Ethereum (ETH), and Solana (SOL) all increase by more than 10%.
Together, these increases have taken the total cryptocurrency market to more than $2 trillion.
Source: TradingView.com| Source: TradingView.com
Bitcoin has continued its gains after breaking the $40,000 barrier and trading now at the highest limits of the $$44,000 area it’s been trading since January.
This is the American stock market, and crypto currency, up today. The S&P 500 index is expected to gain 1.4% on a weekly basis, while the Nasdaq is expected to gain approximately 2%. Bitcoin’s value has increased approximately 6% over the past week.
Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?| Bitcoin Breaks Past The $40,000 Barrier Again – Can It Sustain The Momentum?
Can The ‘Digital Gold’ Hold Ground?
Bitcoin has long been referred to by some pundits as “digital gold” — a safe-haven asset that will remain stable when all other investments falter.
Bitcoin’s historical volatility has been very limited. Even then, it was only briefly. Some crypto analysts now consider that record-setting price of $4000 four years ago to be its absolute bottom.
The market usually follows Bitcoin’s lead when it does well. But not always. It’s been a good week, owing in part to a landmark Wall Street announcement: Goldman Sachs became the first major US bank to conduct a crypto transaction on Tuesday.
Galaxy Digital, a New York-based bank of investment completed an OTC (over-the-counter) transaction by purchasing an OTC Bitcoin NDO (non-deliverable) option from Galaxy Digital.
Other sources claim this has increased investor confidence. Investors see large amounts of money and interest coming from established players to be a motivation to invest in cryptocurrency.
Featured image taken from TIME. Chart from TradingView.com