Last week proved that Bitcoin is just as able to recover quickly as it is to decline. After falling to as low as the $38,000 range, Bitcoin returned above the $40,000 level once again.
Holder sentiment remained strong as well. Even after a 5% drop in price on Wednesday, 59% of people who have been holding Bitcoin for over a year continue to do so. In fact, the total number of Bitcoin addresses with a balance reached a new high this week with about 61% of Bitcoin holders making money at current prices.
Why has Bitcoin been trending?
Typically, crypto markets have been highly sensitive to announcements, especially those concerning Tesla CEO Elon Musk who has been responsible for pumping crypto prices using his Twitter platform for some time.
The celebrated Dogecoin supporter recently finalized a deal to buy Twiter, soon after which the meme coin went up by nearly 40%. In the past, Musk helped push Bitcoin from $30Ks to $65K in less a couple of months after adding Tesla added Bitcoin to its balance sheet. Alongside, Dogecoin, Bitcoin and Ethereum prices were in the green with the global crypto market cap increasing by roughly 2% on Thursday.
Another step closer to going mainstream
Bitcoin has consistently been inching closer to going mainstream. As an encouraging sign, one of the largest retirement-plan providers in the U.S.- Fidelity Investments – will allow clients to allocate as much as 20% of their retirement savings to Bitcoin. This could be the first step of many that will be taken on the path toward cementing the crypto as a store value asset.
Meanwhile another country has put Bitcoin on the map. The Central African Republic is now the second country in the world — and the first in Africa — to adopt Bitcoin as legal tender. At present, the country uses the French-backed CFA franc as its currency, along with most other former French colonies in Africa. Some see the adoption of Bitcoin as an attempt to undermine the CFA (Colonies françaises d’Afrique).
Finding the next price of Bitcoin has been a struggle for every trader. At the moment it’s on an ascending path with a 2% hike in the past 24 hours today.
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