This week saw Bitcoin’s price pass yet another important milestone, something that has become extremely common these days. Bitcoin this week surpassed $50,000 per coin, passing a significant psychological barrier. For many Bitcoin and crypto investors, this comes as a huge relief after three years of a cryptocurrency bear market. After its meteoric rise to $20,000 a few years ago, Bitcoin entered a years-long bear market that saw it dip as low as $3,000 per coin. However, this recent milestone is stunning proof that Bitcoin is here to stay.
Perhaps even more stunning than the fact that Bitcoin was able to reach this price was the fact that it was not immediately rejected off of these levels. In fact, quite the opposite. Instead of immediately retracing and biding its time for another run, Bitcoin went even further after it passed the $50,000 mark, reaching as high as $52,000. Investors in the cryptocurrency are continuously euphoric at the recent price action for the embattled and controversial asset.
Though it’s never possible to know for sure what will happen in the future when it comes to a volatile asset like Bitcoin, technical analysts from around the world see no reason that Bitcoin should slow down any time soon. Some indicators are overbought, but others are looking healthy. this draws a sharp contrast to the price action that we saw in 2017, which, in hindsight, gave some very clear signals of a significant sell-off after making new highs.
Now that Bitcoin has established prolonged relevance and lived up to its potential in terms of price, many are expecting the altcoin markets to follow. Many feel that Bitcoin is just the start of the blockchain revolution and that retail investors will flock to other altcoins, searching fervently for the next Bitcoin-like opportunity.
Crypto markets continue to set records for trading volume and new sign-ups as retail investors become increasingly infatuated with cryptocurrency.
