Bitcoin (BTC), the leading digital currency, shocked the broader currency market with the price track. The huge movements on the network have affected the prices in the last two hours, which may witness the currency recovery of $ 100,000.
The huge market movement that feeds Bitcoin Rally
According to CoinmarketCap DataMore than 355,177 BTC, at a value of more than $ 35 billion, has reached many stock exchanges within 24 hours. This trading volume increased by 17.61 % to 33.55 billion dollars in the same time frame.
It is worth noting that Binance recorded a 17 % high trading volume as market participants who bought and sold Bitcoin actively. Bybit and Coinbase were other exchanges with a fair percentage of market activity. The duo record 7.93 % and 2.99 %, respectively.
The resulting effect is an increase in the BTC price from a decrease of 96,874.82 dollars to 99,497.97 dollars. These facilities have sparked the hopes of the market participants that Bitcoin may pave the level of $ 100,000 psychological resistance.
As of the writing of these lines, BTC changed hands at 98,792.24 dollars after being exposed to moderate corrections in the market. However, investors are still optimistic that the currency can gain $ 1,208 and go $ 100,000.
Bitcoin price is less than 10 % of its highest level (ATH) of 109,114.88 dollars last month. Analysts believe that the psychological level of $ 100,000 is very important to re -test ATH and the future currency growth.
Will institutional adoption purchase frenzy?
Bitcoin’s increasing trading volume is approximately 9 % in the past 24 hours to several factors.
One of her players is the great progress made by some American countries towards creating a strategic bitcoin reserve. It is worth noting that the Revenue and Tax Revenue Committee in Utah has come close to granting recognition to BTC as an official reserve asset.
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Development can lead to huge competition between other countries and pushing the institutional adoption of Bitcoin. A development can feed the price increase.
Moreover, strategy president Michael Sailor hinted that the company has received two billion dollars to perform additional bitcoin purchases. This is the other bullish feeling in the Bitcoin Market.
