Bitcoin bulls bought the dip and generated enough momentum to bring BTC’s price to a new all-time high of $37,224.
Bitcoin’s (BTC) parabolic surge accelerated Wednesday as the price broke above $36,000 for the first time, giving a clear warning that the bull market still has space to rise.
The cryptocurrency flagship stood at $37,224.14 on Bitstamp, comfortably surpassing the previous all-time record. The price has jumped by 9 per cent on the day and by more than 26 per cent over the last week.
At the time of the press, Bitcoin was selling $37,094.
At present, Bitcoin’s market capitalisation has risen to $669.2 billion, accounting for nearly 68.3 percent of the entire cryptocurrency market.
Bitcoin’s new breakout contradicts forecasts that the market might face over-bought pressure in the near future. The overheated derivatives market and major liquidations from some of Asia’s biggest investors have boosted the risk of a short-term withdrawal.
So far, the digital-gold story of Bitcoin seems to have squandered any resemblance to a big pullback as banks and retailers purchase dips. Bitcoin is facing supply shortages as big buyers including Grayscale and PayPal continue to vacuum up all of the freshly mined BTC.
Bitcoin tends to exert a heavy magnetic influence on the wider economy, with big altcoins also printing new local peaks. Ether (ETH) momentarily exceeded $1,200 on Wednesday. Litecoin (LTC), XRP, Bitcoin Cash (BCH) and others have all seen major gains.
-cointelegraph
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