Bitcoin, the cryptocurrency with the largest market capitalization, is trading at the end of the week on the rise and its value exceeded $21,000 per unit, a trend that fills its users with enthusiasm on a day where the repercussions of the death of Queen Elizabeth II and the inauguration as king of her son, King Charles III, are on the front page of all the newspapers.
The value of the digital currency Bitcoin created by Satoshi Nakamoto, oblivious to real protocols and succession lines, reflects an average increase of 10% in the last 24 hours, a rise that places it at its highest price of the month.
In addition, it increased its price by more than US$1,600 per unit: the day opened with the cryptocurrency at US$19,300 each and at the time of writing this note it was trading at US$21,017 per unit.
But the momentum that BTC reached this Friday also impacted the main cryptocurrencies, which also reflect numbers in green:
- Ethereum +5.4%
- BNB +4.4%
- XRP +4.2%
- Cardano +4.8%
- Sunny +4.9%
- Polkadot +7.2%
- Dogecoins +4.4%
- Shiba Inus +7.5%
- STET +6.3%
- MATIC +6.0%
End to the crypto winter or is it an illusion?
It should not be overlooked that BTC is an investment instrument characterized by its volatility, which makes it an option for users with risk tolerance.
For this reason days where their numbers move abruptly are common.
The price of Bitcoin
Different analysts maintain that it is difficult to believe that the abrupt rise in the price of Bitcoin is a lasting change in trend.
And although analysts see what happened this Friday as something positive, they call for caution.
In dialogue with iProUP, cryptocurrency specialist Camilo Rodríguez explains that this increase did not take him by surprise and remarks that a few days ago signs could be observed in the market that allowed this increase to be predicted.
In addition, the expert specifies that a “long lateralization” is observed in the market and puts the next semester under the magnifying glass to know where the ecosystem will lean.
For this reason, he maintains that although BTC managed to consolidate a floor by not losing $18,000 per unit in the fall it experienced in August, it cannot be forgotten that the previous crypto winters lasted approximately 20 months.
Given this reading, Rodríguez maintains that it is very likely that the market will take time to recover and go through upward and downward movements in the short term.
In this regard, the cryptocurrency expert Mauro Liberman adds to iProUP that if BTC consolidates in the orbit of $22,600 each, the next goal is to approach $28,000 per unit.