Since mid-May, Bitcoin has not been able to cross $ 8000. Currently, however, it has inched past the $ 8000 mark. It has fallen all the way from $ 20,000.
The excellent performance last week:
When you look at the performance of BTC last week, you will realize that it has increased by 20%. In addition to that, most of the other cryptocurrencies are also increasing. Moreover, the Bitcoin dominance rate is also increasing consistently. It rose to as high as 47%. This is the highest level at which it has been at since December last year. This is the reason why it is gaining more and more traction as well.
Positive contributing factors:
The factors contributing to the rise of Bitcoin are plenty. The recent one has been that of Bitcoin exchange-traded fund has been approved in the United States. This ensures that much more investments will be coming in cryptocurrencies.
In addition to that, the ETF will also mean that people will be able to easily invest in Bitcoin. This will increase the credibility of Bitcoin and also other cryptocurrencies.
Moreover, there are quite a few other applications for Bitcoin ETF approval as well. Due to this very reason, in the future, there will be more investment opportunities as well.
In addition to that, with this development, there will be more and more investments in the cryptocurrency space.
Also, there is additional news that one of the managers or in Blackrock is keen on buying Bitcoin. He is also positive on the other cryptocurrencies as well. He believes that in the future, there will be more demand for such cryptocurrencies. This is a clear indication that the tide might be turning for Bitcoin as well as other cryptocurrencies.
When you look at the regulatory side, there is also positive news. The financial stability board has recently released a report that the cryptocurrencies like Bitcoin do not pose any risk to the global financial system. This means that the authorities, as well as the governments, will go light on Bitcoin. Also, the regulatory hurdles of Bitcoin will be reduced as well. This is one of the main reasons why Bitcoin has been able to rise 20% in the last one week as well.
So, When you look at the overall picture, Bitcoin is still lower. Most of the other cryptocurrencies are lower from the highs as well. It remains to be seen whether this rally can continue or whether this review actually fizzled out.