News & Blog

Bitcoin back through $38,000. Heading for $40,000 now?

Bitcoin back through $38,000. Heading for $40,000 now?

Since Bitcoin pushed past $ 35,000, it may not last long before bulls push Bitcoin through $40,000 quickly. How fast will it go this time?

Bitcoin has only just passed through a value of $35,000, and quickly returned to $38,000 a few hours later. It may not last long before Bitcoin reaches $40,000. Judging from the pattern, it seemed that Bitcoin would continue to decline, but that has become anything but the truth.

Earlier this week, Bitcoin fell by about 26.5%, dropping about $200 billion of the total cryptocurrency market cap. Despite of that, we still had high hopes for many financial advisors in a positive outcome for world’s most popular cryptocurrency. For the ever-growing Decentralized Finance (DeFi) industry as well.

The Office of the Comptroller of the Currency (OCC) recently announced that banks will be able to hold and accept stable coins. The entire sector has seen this as green light. The proof came on Friday, when Anchorage received the OCC's first digital banking charter. It seems like the financial sector needs to get ready for digital currencies.

Both DeFi and altcoins remain strong

We continuously see the price of Bitcoin being corrected sharply, where it then consolidates after a period of parabolic growth. Something that’s within the trend. However, this causes crypto traders to transfer their capital to altcoins. That, of course, makes the altcoins stronger and stronger, as we had already seen today.

Polkadot was the winner today, with a revival of 36.89%. Kusama also achieved a price increase of 21.25%. All of this has contributed to the cryptocurrency's total market cap now standing at $983.5 billion. Bitcoin is the most dominant in this with a share of 68.7%.