- The price of Bitcoin has hit $45,000.
- Does this mean that the crypto market is back on track?
- Let’s see what factors have made it so.
Over the past couple of weeks, the crypto market seems to be making a speedy recovery. After the dip a couple of months ago, the crypto market has either remained stagnant or was growing steadily. At the moment, it seems that the industry may finally be on the up and up again.
At the time of writing, the price of Bitcoin (BTC) stands at $45,119.95. Over the past 24 hours, the price of Bitcoin is up by 4.4% and up by 8.4% over the past week. At the moment, Bitcoin’s market cap is at $848,526,855.705.
For reasons as to why and how the crypto industry is finally back on track, it comes from many. In fact, it is little factors contributed by a variety of global activities. It is no secret that the crypto market is influenced by the current events in its industry. Let’s explore some of the possible reasons behind this recovery.
One possibility is that soon after the dip, about $200 billion in cash flowed into the crypto market. Since then, the industry’s recovery went on the rise. While a lot of hodlers went on to panic-sell during the dip, most hodlers urged crypto enthusiasts to hodl.
Not to mention, only about 10% of BTC hodlers own about 99% of its current supply. These hodlers haven’t moved or considered selling their precious BTC for years. This means that the community is strong and will hold on until Bitcoin reaches the moon.
Moreover, various leaders and analysts in the community are certain that Bitcoin will rally to surpass, if not, at least hit $100,000 by the end of this year. If Bitcoin continues to recover as it is, then it is very likely that we may possibly see this ATH.
Besides this, the China crackdowns could have also contributed. Many Bitcoin miners have relocated from China to other parts of the world. Another analyst says that Bitcoin moving towards using sustainable energy will also contribute to its rise. Finally, NFT sales have been through the roof lately. Most activities in the crypto space tend to affect each other. When Bitcoin goes up, so do altcoins. Similarly, when Non-Fungible Tokens do well, so do Decentralized Finance spaces. In the end, all of it factors into boosting the station of cryptocurrencies and their prices.