Bitcoin Price Inches Close To $39,000 As ETH Soars To ATH
· Bitcoin resumes its upside momentum, inching closely to the previous high.
· Large institutions’ interest in crypto drives digital asset prices, as some are already utilizing cryptocurrency.
· ETH on the verge of making an ATH.
The majority of the coins are experiencing a bullish swing since the start of the month. This week, bitcoin, the world’s largest cryptocurrency, has been retesting its previous high shortly after experiencing a short dip. As bitcoin resumes its initial upside momentum, it has taken price inches away from $39,000 as at this writing.
The recent upswing of Bitcoin is mostly due to institutional investors’ interest and public assessment of the coin. Bitcoin is trading very close to $39,000 but is met with some selling pressure, which has kept it stalling at the level.
Large Institutions Show Interest in Bitcoin
Institutions are ready to adopt cryptocurrency to keep ahead in the new digital age. The recent bitcoin news could be linked to these institutions’ interest, with the market cap of Bitcoin now above $710 billion.
Recently, MicroStrategy, a BI company, acquired 295 BTC that is worth over $10M, making a total of 71,079 BTC owned by the company. The company has been trying to get large institutions on board. Some of which include ABC, Disney, Starbucks, Pfizer. The CEO, Michael Saylor, commented that if any of these companies could hop into the crypto ride, demand will rise and the crypto space will get much exposure.
However, some institutions are gradually starting to adopt cryptocurrency, with Paypal releasing its earnings report featuring Bitcoin sales. The company reported that their earnings soared by 30% after it added 16 million accounts last quarter.
Also, Visa launched a software that will allow banks to offer Bitcoin trading services to its customers. This new product has been tested by startups and banks, and is ready to be in use very soon.
Ethereum Reaches for The $10k Target
Ethereum is not lagging as well, but following closely after bitcoin, with its market cap as well above $192 billion. The rise by Ethereum is linked to Grayscale acquiring over $70 million worth of Ethereum to its Ethereum trust.
Analysts hope Ethereum is going to reach its all-time high very soon as enthusiasm is building up with regards to the cryptocurrency.