Bitcoin (BTC) kicked off the week with robust momentum, maintaining a position well above the $64,000 mark and reaching a high of $64,496.
The total market capitalization for cryptocurrencies has surged to $2.36 trillion, reflecting a 1.19% increase within 24 hours.
This rise is partly due to investor responses to softer US NFP data, which has heightened expectations for a Federal Reserve rate cut in September, enhancing Bitcoin’s appeal.
Additionally, significant inflows into Bitcoin ETFs, including a notable $63 million to Grayscale Bitcoin Trust, underscore increasing investor confidence.
The launch of Hong Kong’s Bitcoin ETFs further emphasizes this trend, coupled with the landmark achievement of Bitcoin surpassing 1 billion on-chain transactions, all pointing to a vibrant market trajectory for the leading cryptocurrency.
Bitcoin Hits 1 Billion Transactions: A New Era of Digital Payment Adoption
According to Clark Moody’s Bitcoin dashboard, Bitcoin’s blockchain has now recorded over 1 billion transactions, demonstrating its growing role as a major payment system.
This milestone was recently achieved, highlighting the increasing importance of Bitcoin as a global currency.
This achievement underscores the digital currency’s rapid adoption and the high level of trust and security it offers, comparable to traditional payment giants.
Bitcoin achieved this in just 15 years, surpassing Visa’s timeline of 25 years for the same milestone, which points to its accelerated growth trajectory.
Market experts anticipate that Bitcoin’s adoption will continue to surge, driven by increasing institutional interest and the introduction of new financial products such as spot Bitcoin ETFs.
#Bitcoin has officially processed over 1 billion transactions. pic.twitter.com/kS704YYoW5
— Wicked (@w_s_bitcoin) May 5, 2024
Currently, Bitcoin’s adoption rate is about 4.7%, mirroring the internet’s early adoption phases, indicating vast potential for further expansion.
In summary:
- Bitcoin’s transaction count hits a historic 1 billion, underscoring its utility and security.
- Institutional interest and new financial products are expected to propel further adoption.
- The rapid adoption rate parallels early internet growth, predicting significant expansion ahead.
Grayscale Bitcoin Trust Sees Positive Inflow After 11 Weeks, Sparking Optimism for BTC Price
On the other side, the Grayscale Bitcoin Trust (GBTC) finally experienced a positive gain of $63 million after 11 straight weeks of outflows.
This shift comes amid strong competition from spot Bitcoin ETFs that have gained popularity since January, impacting GBTC’s market position.
Despite recent losses, GBTC remains the largest Bitcoin spot ETF with $18.7 billion in assets and around 297,000 bitcoins. Meanwhile, the BlackRock iShares Bitcoin Trust (IBIT) holds $17.2 billion.
To regain ground, Grayscale proposes a “mini” Bitcoin ETF with lower fees. This positive news for Grayscale surprised the market, with some analysts expressing astonishment at GBTC’s turnaround.
Thus, the positive inflow into the Grayscale Bitcoin Trust ETF (GBTC) signalled renewed investor interest and confidence, contributing to upward pressure on the BTC price amidst competition from spot Bitcoin ETFs.
Bitcoin‘s current pivot point stands at $64,655, keeping bitcoin price prediction bearish under this level and bullish above this. Should Bitcoin surpass this level, it will encounter resistance at $67,084, followed by $69,356, and $71,309.
Conversely, support levels are identified at $61,531, $59,164, and $56,677, which will be crucial if the downward pressure persists.
The Relative Strength Index (RSI) is currently at 61, indicating neither overbought nor oversold conditions, while the 50-day Exponential Moving Average (EMA) at $61,652 could offer additional support.
The market sentiment is bearish below $64,655, but crossing above this could shift to a more bullish outlook.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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