Friday was another great day for Bitcoin as it continues its bullish run despite experiencing a slight dip in price during the day. Bitcoin managed to extend its financial worth to $41,940 before the close of all transactions, thanks to investors who played a huge role in helping the bull continue its newfound trading prowess.
In the early hours of Friday, the most valuable cryptocurrency rallied to an all-time high of $41,940. Still, it couldn’t maintain the tag as it was faced with massive trading pressure, which eventually saw a slight reduction in the price. With the price at $41,940, the digital asset encountered huge selling pressure, which somewhat slowed down its performance during lunchtime.
Investors helping Bitcoin overcome the bearish trend
Being unable to withstand the trading pressure, the bull eventually dropped in price by staying at $36,600 for some hours. In the same vein, many altcoins experienced a sell-off as they were equally affected by Bitcoin’s slump. Seeing the slight price drop, the crypto industry experienced a massive influx of investors. Lots of transactions were during a short period of the slump in price as more institutional and private investors and traders were desperate to take advantage of the situation.
Fortunately for the cryptocurrency, the upsurge in the number of transactions completed in Bitcoin, coupled with increased trading of the digital asset, provided a route for BTC to regain its monetary value. The crypto market unsurprisingly turned around as the highly-rated Bitcoin began to return to the path it has been threading since last year’s festive period.
Crypto Experts Explain How the bull Regained Its Strengths
Grayscale Investments CEO Michael Sonnenshein has shared his thoughts on Bitcoin’s ongoing bullish run and how it managed to regain its financial strength despite the dip in price. According to him via Cointelegraph, BTC will possibly continue its newfound trading prowess for a long time due to users’ desire to complete their BTC transaction irrespective of the price.
He further disclosed that pension funds — through the Grayscale family — are seeing more reasons to invest in Bitcoin, and they didn’t think twice before exploring the advancement in the use of the digital coins. In his speech, Jim Cramer, the host of Mad Money on CNBC, said that the recent rise in the price and adoption of cryptocurrencies could be traced to gold’s recent underwhelming performance in the market.
He believes more business owners and investors are waking up to the truth that investing in cryptocurrencies might be the best way to make massive profits in the long run. Meanwhile, here is a quick rundown of how cryptocurrencies performed on Friday. As mentioned above, Bitcoin ended the day by reaching a new high — a thread we are getting used to — at $41,940 despite the short-time dip in price. Ether price (ETH) surprisingly falls by 2.3% as it was placed at $1,194.
As for the young Polkadot (DOT), it wasn’t a favorable day after experiencing a 6% drop in price to stay at $9.15. Lumens (XLM) equally dropped by 6% to remain at $0.289. The cryptocurrency market cap reached an all-time high of $1.05 trillion at the close of all transactions.