Bitcoin crossed the $11200 mark
The first coin has been making headlines lately. Suffice it to recall that recently we wrote about large investments in BTC, and today we are in a hurry to please you with news – the coin has consolidated at a level above $11200. Literally today, the first coin passed the $11200 mark. At the moment, Bitcoin is trading for $ 11,331 and continues to rise. Next, we will discuss the current state of affairs around the first coin. We will also find out what to expect from the cryptocurrency, based on the opinion of experts and market indicators. So let’s get started.
Latest events
The first cryptocurrency started active and unexpected growth on October 10. At night, the price tag of the coin began an unprecedented rise, very quickly breaking through the $11200 mark. Many analysts believed that this particular value is a resistance level that will either turn the coin down or allow it to start productive growth. As you can imagine, BTC has coped with it and is now continuing to grow. In just one day since the beginning of the rally, the coin gained about 4.4% of its own value. The weekly growth is also quite significant and amounts to as much as 7.5%.
At the same time, not only the price tag grows, but also the market capitalization. The asset value rose to $ 210.5 billion. Recall that this is approximately 57% of the total cryptocurrency market. That is, the first coin again takes the lead and again leads the rest of the tokens. Yes, altcoins also rose, for example, ETH gained about 7.2% of the price in just a day. But let’s stop at Bitcoin.
It’s worth noting that after hitting the $ 11,417 price tag, BTC dropped somewhat. The price tag of the coin dropped to $ 11,340. Obviously, this is due to the desire of many traders to successfully sell cryptocurrency and not wait for a higher price. But it appears that many have also bought the currency as the price tag is rising relentlessly. These are really pleasant circumstances, which cannot but rejoice and, in general, show that the digital market is finally emerging from a protracted crisis. But what does the future hold for us? Let’s assess the opinions of the leading market players and summarize.
Why Bitcoin overcame $11200 and what to expect from the coin
The key reason that led to such an active growth and development of the crypt can be considered the arrival of large investors. Earlier we wrote that entrepreneurs invested huge sums in the first coin. Also, according to information from the US authorities, the country intends to support the domestic market by stimulating it with a fairly large investment. An investment of $ 1.8 trillion is expected soon. Thus, a lot of paper dollars will soon come to the market, which encourages traders to actively trade and buy cryptocurrency. Also, market volatility has increased amid the past debate between Trump and Biden. It is noteworthy that experts predicted a repeat of the situation on October 15, when a new meeting of applicants for the post of US president was to take place. But the debate was canceled.
Nevertheless, the forecasts for the market are still extremely positive. The United States will significantly support the economy and local traders who will begin to diversify their own portfolios and invest in the first cryptocurrency. As a result, Bitcoin is expected to grow further along with the rest of the coins. However, we still advise you not to lose your vigilance and stay up to date with all the events in the world of finance and Blockchain. Follow the crypto industry news with us. We publish only high-quality and interesting material. Thank you for attention. Good luck!
