Recently, the price of Bitcoin broke through the resistance level of $40,000 again after experiencing a month of downtrend. According to relevant data, the price of Bitcoin was as high as $41,046.77 at around 10:30 am Eastern Time on June 14 and then fell slightly.
Pankaj Balani, co-founder and CEO of Delta Exchange, a cryptocurrency derivatives trading platform, said: “Bitcoin has rebounded sharply after several times of 30,000 in the past three weeks. The selling caused by fear seems to be over, and we have some positive triggers, such as MicroStrategy’s new purchase, El Salvador’s acceptance of Bitcoin as legal tender, and the positive comments of Paul Tudor Jones and Elon Musk.”
As Bitcoin once again broke through the $40,000 threshold, the cryptocurrency market has also changed significantly. It has re-established an active atmosphere because of the rising. The market sentiment index has rebounded sharply. Investor’s worries about the end of the bull market and the arrival of the bear market due to the earlier decline has gradually been changed. Now the market’s bullish sentiment has rebounded.
According to relevant media reports, Paul Tudor Jones, a legendary Wall Street macro trader and founder and chief investment officer of Tudor Investments, said: “I like Bitcoin as a portfolio diversifier.” According to the current crypto market performance, it can be concluded that the investment in Bitcoin is expanding. Young investors’ interest in crypto assets is growing. And Bitcoin’s market dominance is reinforced. After losing its market leading influence to Ethereum in April and May, being replaced by the animal-themed token as a market focus followed by, Bitcoin regained its market dominance and re-established its overall influence on cryptocurrencies.
On the other hand, the market share of Bitcoin has also begun to rise, returning to more than 40%. The current market value of Bitcoin has risen to 45.2%. This is after April 14, when the market value of Bitcoin fell to 40%. Later, the market share rebounded again. By May 16, the current global market value of cryptocurrencies was about 2.29 trillion U.S. dollars, of which the market value of Bitcoin fell to 39.1%. Since the bull market in 2020, the share of Bitcoin’s market value has continued to decline, falling from the highest 71% in January 2021 to less than 40%.
With the breakthrough of the Bitcoin price, investors’ confidence has rebounded. At the same time, the overall cryptocurrency market has also renewed and upgraded. Most projects have achieved good growth rates and have sufficient upward momentum. Let’s wait and see the new trend of the cryptocurrency market!
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