The strongest rally of Bitcoin in the last two weeks has driven the largest cryptocurrency in the world above the levels – “key” of 45,000 dollars, having now erased all its losses since the beginning of the year.
The token approached 47,000 at 3.30 p.m. on Monday afternoon (local time) in Hong Kong, much higher than the range of $ 35,000 – $ 45,000 in which it has been moving since the beginning of January. At its current level, Bitcoin is now at 1.4% profit ground since the beginning of 2022, compared to losses of 4.7% over the same period for the S&P 500 index.
If Bitcoin maintains its upward trajectory, it is likely to have high growth potential, says Matt Maley, chief market strategist at Miller Tabak + Co., at Bloomberg. Rick Bensignor, chairman of Bensignor Investment Strategies, said in a note on Sunday that Bitcoin was “on the verge of a 20% uptrend”.
There are “mines” in the way of cryptocurrency, as the US Federal Reserve and other central banks are rapidly withdrawing some of the stimulus measures they had adopted during the financial crisis due to the coronavirus pandemic. This means practically less liquidity for spending on high-risk investment products, including cryptocurrencies. In addition, the latter are at the center of an investigation into the possibility of being used to circumvent sanctions against Russia for its invasion of Ukraine.
In addition to Bitcoin, the market in recent days has turned its attention to Cardano, Solana, Polkadot and Dogecoin, with Cardano having recorded a jump of 31% in the last five days. However, these cryptocurrencies are in negative territory for the period from the beginning of the year until today.
Bitcoin earnings after mid-March have strengthened it as an investment product against gold, which has remained generally at the same level for the period.
Source: Capital
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