Bitcoin keeps surging, rockets over $55K

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Bitcoin’s price rise continues as BTC has gone past $55,000 today on major crypto exchanges. The digital currency, which recently reached $1 trillion in market capitalisation, has increased by 5.2% in the last 24 hours. At the time of the press, Bitcoin was valued at $55,138.

Bitcoin registering back-to-back all-time highs seems to be fuelled by mainstream crypto adoption, which is a narrative that doesn’t seem to fade away, particularly when more businesses are thinking about reaching for the asset. In terms of the current Bitcoin-related news venture, MicroStrategy raised $1.5 billion to directly buy more Bitcoin.

The spike may also be the product of bullish tweets from famous Bitcoin investors. Earlier, Tesla CEO Elon Musk said that getting a bitcoin is “simply a less stupid form of liquidity than cash,” but it is “adventurous enough for an S&P500 company.”

 

At the same time, when Bitcoin grew to $54,000, Morgan Creek Digital’s Anthony Pompliano noticed that Bitcoin is closer to $100,000 ATH than it is to $0 Bitcoin.

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Alongside the rally, certain parts of the Bitcoin market have also been affected. Illiquid BTC has seen the biggest one-week drop in 6 weeks, dropping by 7.6k BTC to 15.49 million BTC. With respect to the liquidity relationship with the BTC industry, analysts have found that earlier, illiquid supply falls in bear markets and rises in bull markets.

This could expect an imminent correction soon, and, as JP Morgan‘s strategists have warned, the current price of Bitcoin could become “unsustainable” unless the asset’s price volatility “subsides quickly.”

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