This new year has definitely seen a great start, with the world’s prominent cryptocurrency slashing all its previous highs to reach yet another record level with the beginning of 2021. The torrid December rally seems to be a never-ending one as the Bitcoin crosses $34,538 in value at this publication time. The Bitcoin price almost quadrupled in value during the global turmoil caused by the Covid-19 pandemic. The virtual digital currency has set a record due to its steady growth amidst other financial markets that saw a downside as the stock markets and US dollar weakened. However, Bitcoin has escalated consistently surpassing the people’s imagination, restoring the faith in the foremost cryptocurrency.
According to Coinmarketcap, Bitcoin currently soars above $34,000 in a quest to break the resistance levels at $35,000, which it will positively break forth. Where retail investors are patiently waiting for the dip, Bitcoin is continuously soaring with upward momentum.
Buying Bitcoin during the dip?
The Bitcoin price escalation comes as no surprise due to the traction it is continuously gaining from institutional players. Not just that, there’s a drastic shift in traditional financial institutions to try their fortunes with Bitcoin in order to maximize the returns of their investors. What merely was worth a few dollars stands at a whopping $631,019,534,544 market capitalization at the press time. The current crypto landscape is witnessing explosive potential. However, the retail investors are eagerly waiting for a dip. Certainly, a Bitcoin dip is inevitable, but the question persists is to what extent.
The Bitcoin advocates have definitely contributed to the spike through their mainstream appeal. The ongoing price plummet, advocates the bullish phase that the Bitcoin market is currently experiencing. Its intricate features like decentralization and anonymity have positioned itself as a storehouse of value for technologists, investors, and financial institutions alike.
The Bitcoin rally gained massive traction on Twitter, with famous advocates providing their stance on the currency’s future. Crypto influencer and technology enthusiast Ivan on Tech tweeted,
With the crypto landscape’s driving momentum, it is unclear whether the price rally is sustainable or short-lived. However, with substantial institutional investments in the Bitcoin space, the rally seems to continue for a while.
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